Which of the Following Are the Basic Elements of a Balance

question 18

Multiple Choice

Which of the following are the basic elements of a balance sheet?

• A)Income, expenses, and outcome
• B)Operations, sales, and growth
• C)Assets, liabilities, and stockholder's equity
• D)Receipts, deductions, and taxes
• E)Budgets, controls, and corrective actions

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Definitions:

Deductibles

The amount an insured person is required to pay out-of-pocket before an insurance company will cover the remaining costs.

Moral Hazard

The situation where one party is likely to take risks because the negative consequences of the risk will be borne by another party.

Fire Insurance

A type of property insurance that covers damage and losses caused by fire, providing financial protection to property owners.

Random Variable

A variable whose values depend on outcomes of a probabilistic phenomenon, often used in statistics and probability theory.