Which of the Following Is Not One of the Parties

question 69

Multiple Choice

Which of the following is not one of the parties to a standard life insurance contract?

• A) owner
• B) insurance company
• C) insurance broker
• D) insured
• E) beneficiary

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Definitions:

Weighted-Average Method

An inventory costing method where costs of goods sold and ending inventory consist of a weighted average of all purchases and manufactured goods during the period.

Cost Reconciliation Report

A financial report that explains the differences or reconciles the variations between the cost of beginning inventory plus purchases and the cost of goods sold.

Equivalent Units

A concept used in cost accounting to express the amount of work done on incomplete products in terms of fully completed units of output.

Molding Department

A specialized department in a manufacturing facility where molding processes, such as injection molding, are carried out to form parts or products.