A Concept or Principle That Relates to Transactions Is

question 47

Multiple Choice

A concept or principle that relates to transactions is:

• A)materiality.
• B)full disclosure.
• C)original cost.
• D)consistency.

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Definitions:

Insurance Premiums

The amount paid periodically to an insurance company by a policyholder for coverage.

Beneficiaries

Individuals or entities entitled to receive benefits or profits from contracts such as wills, insurance policies, or trust funds.

Life Expectancy

The average period a person is expected to live, based on demographic factors such as current age, gender, and health conditions.

Benefit Formula

A method used to calculate the amount of benefits, such as pensions, insurance payouts, or social security, based on factors like income, years of service, or contributions.