__________ Plans Are Policies,procedures,and Rules Developed for Handling Repetitive Situations

question 46

Multiple Choice

__________ plans are policies,procedures,and rules developed for handling repetitive situations.

• A) Standing
• B) Single-use
• C) Strategic
• D) Contingency

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Definitions:

Accrued Expense

An expense that has been incurred but not yet paid for.

Adjusting Entry

A journal entry made at the end of an accounting period to account for unrecorded transactions or to adjust incorrect entries.

Insurance

A contractual agreement that provides financial protection or reimbursement against losses to an individual or entity, in exchange for premiums paid.

Depreciation

The method of allocating the cost of a tangible or physical asset over its expected useful life to account for the decrease in its value over time.