Carl and Tulip Are Getting a Divorce and Want to Know

question 115

Multiple Choice

Carl and Tulip are getting a divorce and want to know how they can best communicate the news to their young children. Ellen Galinsky and Judy David would suggest that

• A) the children be told that the support they receive from their parents is bound to change.
• B) it is best that only one parent be present while breaking the news.
• C) it is best that this painful matter should not be discussed repeatedly with the children.
• D) the children be told that they are not the cause of the separation.

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Definitions:

Accrual Basis

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.

Expenses

The cost of assets consumed or services used in the process of earning revenue.

Depreciation Expense

Depreciation Expense is an accounting method of allocating the cost of a tangible asset over its useful life.

Accounts Payable

Money owed by a business to its suppliers or vendors for goods and services purchased on credit.