The Term "Social Security Benefits" Does Not Include

question 65

Multiple Choice

The term "Social Security benefits" does not include

• A)supplementary Medicare benefits.
• B)tier-one railroad retirement benefits.
• C)disability benefits received under Social Security.
• D)retirement benefits received under Social Security.

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Definitions:

Simple Journal Entry

A basic accounting entry used to record transactions with only one debit and one credit.

Debit

An accounting entry that increases asset or expense accounts or decreases liability, equity, or revenue accounts.

Credit

A financial arrangement where a borrower receives something of value now and agrees to repay the lender at a later date, generally with interest.

Double-entry System

An accounting system where every transaction is recorded in at least two accounts, with debits equaling credits, ensuring the accounting equation is always in balance.