Examlex
Selecting the Exception Four of the five answers listed below digest the same class of foods. Select the exception.
Insurance Expense
The cost associated with purchasing insurance policies to protect a business from certain risks, recorded as an expense.
Adjusting Entry
Adjusting entries are journal entries made in accounting to update ledger accounts at the end of a reporting period, ensuring that revenues and expenses are recognized in the period they occur.
Insurance Policy
A contract between an insurer and a policyholder that specifies the terms for the payment of claims in the event of a covered loss.
Insurance Expense
The cost allocated to a period for holding insurance policies, protecting against various risks.
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