Match the Legislation with the Appropriate Description

question 28

Multiple Choice

Match the legislation with the appropriate description:
-Made the most sweeping changes to Medicare since its inception by affording Medicare beneficiaries a prescription drug benefit

• A)Balanced Budget Act of 1997
• B)Children's Health Insurance Reauthorization Act of 2009 (CHIPRA)
• C)Medicare Prescription Drug, Improvement and Modernization Act (MMA) of 2003
• D)Omnibus Budget Reconciliation Act (OBRA) of 1989
• E)Social Security Act of 1935
• F)State Children's Health Insurance Plan (SCHIP)
• G)Temporary Aid for Needy Families (TANF)

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Definitions:

Retained Earnings

The portion of net income that is kept by the company rather than distributed to shareholders in the form of dividends to be reinvested in the business or pay off debt.

Financial Position Accounts

Accounts that provide information about the resources, obligations, and net worth of an entity at a specific point in time.

Statement Of Income Accounts

A financial report that shows a company's revenues, expenses, and net income over a specific period, highlighting its profitability.

Accounting Cycle

Describes the systematic process of recording and processing all financial transactions of a company, from when the transaction occurs to its representation in the financial statements.