Boyd Is a Minor

question 23

Multiple Choice

Boyd is a minor.As a minor,Boyd has the capacity to enter into

• A)an invalid contract.
• B)an unavoidable contract.
• C)a valid contract.
• D)no contract.

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Definitions:

Estimated Life

The expected duration over which an asset is likely to be useful or productive in its intended operation, used for depreciation purposes.

Straight-Line Depreciation

A method of allocating an asset's cost evenly across its useful life, resulting in the same depreciation expense each year.

Depreciable Cost

The total cost of a tangible asset that can be depreciated over its useful life, excluding salvage value.

Depreciation Expense

Dividing the expense of a material asset throughout its service life.