reporting income when it is earned and expenses when they are incurred - ANS-Accrual Basis
Accounting
Reporting income when the cash is received and expenses when the cash is paid. - ANS-Cash
Basis Accounting
Limited liability, pass through income taxation, flexibility - ANS-LLC (Limited Liability Company)
A unique government creation that looks like a corporation but is taxed like sole proprietorships
and partnerships - ANS-S corporation
Assets - Liabilities - ANS-Net Worth Formula
Residential living with clinical aspects. safe, quiet, secured - ANS-Dementia Living Environment
components of the claims handling process include developing strategies to cut costs and
reduce fraud while keeping customers satisfied - ANS-Effective Claims Management for working
with insurance agencies
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