Examlex
Which of the following is affected as a result of an error in performing the physical count of inventory at the end of the accounting period?
Minor
A person who is below the age of majority, legally considered a child and, in many contexts, does not have the full legal rights of an adult.
Public Policy
The public good; some acts, although not illegal, will not be enforced by the courts because they are socially distasteful (against public policy).
Legal Capacity
The ability of an individual or entity to enter into legally binding contracts, including being of a certain age and sound mind.
Mental Incapacity
Refers to a condition where an individual is unable to make legal decisions due to cognitive or psychological impairments.
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