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Which Type of Insurance Is Intended to Compensate a Business

question 9

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Which type of insurance is intended to compensate a business enterprise for liabilities incurred during the course of its business?


Definitions:

Work in Process Inventory

Goods that are in the process of being manufactured but are not yet complete.

Materials Quantity Variance

The contrast between the quantity of materials actually used and the quantity that was projected, with this difference being multiplied by the standard price per unit.

Materials Price Variance

The variance between the real expense of materials utilized in production and the predetermined standard cost of those materials.

Raw Materials Inventory

The stock of basic materials and components that are to be used in the production or manufacturing of goods.

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