Examlex
Define the following terms
-matrix question
Insurance Policy
A contract between an insurer and a policyholder stipulating the terms under which the insurer agrees to compensate the insured for specific losses.
Adjusting Entry
An accounting entry made into a journal at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.
Property Tax
A tax assessed on real estate by the local government and based on the property's value.
Adjusting Journal Entry
A journal record used to adjust the balances in various ledger accounts to more accurately reflect income and expenses for the period.