A(n)_____ Provision Enables You to Purchase the Policy Again at Its

question 44

Multiple Choice

A(n) _____ provision enables you to purchase the policy again at its expiration.

• A)reward
• B)renewable
• C)loss prevention
• D)limited risk
• E)arbitration

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Definitions:

Adjusting Journal Entries

Entries in accounting made during the close of a financial period, aiming to accurately allocate profits and expenditures to their respective periods of occurrence.

Net Income

A company's overall earnings following the deduction of all expenses and taxes from its total revenue.

Adjusting Entry

An adjusting entry is a journal entry made in the accounting records at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

Expense Account

An account used to record individual expenditures or expenses incurred during business operations.