At December 31,2014,an Enterprise Fund Has the Following Adjusted Accounts

question 10

Multiple Choice

At December 31,2014,an Enterprise Fund has the following adjusted accounts outstanding:
When preparing the closing entry for the temporary accounts at December 31,2011,the Enterprise Fund's accountant will

• A)credit Retained Earnings $8,000.
• B)credit Net Cash,$8,000.
• C)credit Net Position,Unrestricted $8,000.
• D)credit Invested Capital Assets,Net of Related Debt,$8,000.

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Definitions:

Universal Life Insurance

A flexible type of permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance), which is invested to provide a cash value buildup.

Term Life Insurance

An insurance policy that provides coverage at a fixed rate of payments for a limited period of time, after which coverage expires without accumulating cash value.

Whole Life Insurance

A type of permanent life insurance policy that provides coverage for the insured's entire life, typically including a savings component.

Premiums

Payments made for insurance coverage, representing the cost of the insurance policy to the holder, typically made on a regular basis.