During the Current Year,his Three Children,Simon,Alvin,and Theodore and His Life-Long $\begin{array} { l l } \text { Simon } & 20 \% \\ \text { Theodore } & 55 \% \\ \text { Arlo } & 10 \% \\ \text { Alvin } & 15 \% \end{array}$

question 114

Multiple Choice

During the current year,his three children,Simon,Alvin,and Theodore and his life-long friend,Arlo,with whom he lives,provide Durbin's support.Durbin's support distribution follows:
$\begin{array} { l l } \text { Simon } & 20 \% \\ \text { Theodore } & 55 \% \\ \text { Arlo } & 10 \% \\ \text { Alvin } & 15 \% \end{array}$
If the children file a multiple support agreement, which of the following are eligible to claim Durban as a dependent?

• A) Only Theodore.
• B) Only Theodore or Arlo.
• C) Only Arlo.
• D) Theodore, Simon, or Alvin.
• E) Theodore, Simon, Arlo, or Alvin

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Definitions:

Generally Accepted Accounting Principles

A broad set of accounting standards, principles, and procedures that entities follow to compile their financial statements, ensuring consistency and comparability.

Substantially Completes Performance

This term refers to a situation in which a party has completed a major portion of its obligations under a contract, meeting a threshold that often allows for recognition of revenue or fulfillment obligations.

Earned

Describes income that has been generated from work, investment, or business operations and has thus contributed to net income.

Contract

A legally enforceable agreement between two or more parties with explicit terms and conditions.