Which of the Following Statements Is Not a Descriptive Definition

question 4

Multiple Choice

Which of the following statements is not a descriptive definition of social welfare?

• A)Social welfare is a benefit -allocation mechanism functioning outside the economic marketplace.
• B)Social welfare is a nation's system of programs,benefits,and services that helps people meet the social,economic,educational,and health needs that are fundamental to the maintenance of society.
• C)Social welfare is an institution that emerged to handle dependence and facilitate interdependence.
• D)Social welfare as laws,services,and programs designed to bring people's level of well-being up to some minimum.

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Definitions:

Insurance Expense

The cost recognized in the accounting period related to the premiums paid for insurance policies.

Retained Earnings

Profits that a company keeps after dividends are paid to shareholders, used for reinvestment in the business or to pay off debt.

Closing Entry

A closing entry is an accounting procedure used at the end of an accounting period to transfer the balances from temporary accounts to permanent ones, thus preparing the accounts for the next period.

Prepaid Insurance

An asset account that reflects insurance payments that are made in advance for future insurance coverage periods.