Match the Term with the Definition

question 41

Multiple Choice

Match the term with the definition:
-The average number of years that people in a given population live

• A)activities of daily living (ADLs)
• B)compressed morbidity
• C)disability-adjusted life expectancy
• D)health status
• E)incidence
• F)infant mortality rate (IMR)
• G)instrumental activities of daily living (IDLs)
• H)life expectancy

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Definitions:

Closing Entry

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones and prepare the company's books for the next period.

Income Summary

An account in the ledger that is used to gather all temporary accounts during the closing process, to transfer their balances to permanent accounts.

Retained Earnings

The portion of net earnings not paid out as dividends but retained by the company to reinvest in its core business or to pay debt.

Balance Sheet

A business statement that consolidates the assets, debts, and shareholder equity of a company at a certain point.