____________________ Is a Means of Sharing Risks with Other People

question 13

Short Answer

____________________ is a means of sharing risks with other people to limit economic loss.

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Definitions:

Income Tax Expense

The expense reported on the income statement that represents the amount of income tax a company owes to governmental authorities.

Tax Rate

The percentage at which an individual or corporation is taxed.

Lease Asset

An asset that is acquired under a lease agreement wherein the lessee has the right to use the asset for a specified period.

Lease Liability

An obligation representing future lease payments for the use of assets, recognized on the balance sheet by lessees under new accounting standards.