Match the Term with Its Definition

question 51

Essay

Match the term with its definition.Some terms may not be used.
a.All-risk approach
b.Business risk
c.Compensatory damages
d.Disability insurance
e.Economic damages
f.Health maintenance organization
g.Market risk
h.Named-peril approach
i.Peril
j.Preferred provider organization
k.Pure risk
-A managed-care network providing health insurance that is less expensive but more limiting in choices of medical providers

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Definitions:

Retrospective Adjustment

A change applied to the accounting records of prior periods to correct an error or implement a change in accounting principle.

Cumulative Effect

The aggregate impact of an accounting change or policy on a company's financial statements over time.

Average Cost

A method for inventory and cost of goods sold valuation, calculated by dividing the total cost by the number of items.

LIFO Method

Last In, First Out method; an inventory valuation technique where the most recently produced items are recorded as sold first.