Multiple Choice
When a policyowner cash surrenders a universal life insurance policy, how is the transaction typically classified in accounting?
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1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which type of accounting focuses on building long-term relationships with customers?
A
Relationship accounting
B
Management accounting
C
Financial accounting
D
Cost accounting
Verified step by step guidance1
Understand the different types of accounting mentioned in the problem: Relationship accounting, Management accounting, Financial accounting, and Cost accounting.
Define 'Relationship accounting': This type of accounting focuses on building and maintaining long-term relationships with customers, emphasizing customer satisfaction and loyalty.
Define 'Management accounting': This type of accounting is concerned with providing financial and non-financial information to managers for decision-making purposes within an organization.
Define 'Financial accounting': This type of accounting focuses on preparing financial statements for external stakeholders, such as investors, creditors, and regulatory agencies.
Define 'Cost accounting': This type of accounting focuses on analyzing and controlling costs within an organization to improve efficiency and profitability.
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