<span>In dermining how much life insurance coverage
is needed for an individual , you have to consider first, to determine annual
income needs of your family if you were to die today. Because you have to
consider any lifestyle changes that might happen after te death and include
current expenses such as mortgage, rent, groceries, clothing, utility bills,
entainment, travel, transportation and child care. Next, you have to subtract
available income from annual income needs. Then, determine the principal needed
to generate income to be replaced (annual income to be replaced) devided by
(rate of return) = amount of principal needed. Next, Add one-time expenses of
your survivors will have to pay including funeral expenses. Lastly you have to subtract
one-time gains such as the total amount of money or profit that is made from
other life insurance policies, assets from selling a business or other payouts.</span>
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The 3 activities which are part of the function of accounting includes:
- Classifying financial transactions
- interpreting financial transactions
- Recording financial transactions
Accounting (<em>including bookkeeping</em>) refers to the process of recording, preparing, analyzing and interpreting financial information or statements for future purpose.
As regards the options, 3 activities which are part of the function of accounting includes:
- Classifying financial transactions
- interpreting financial transactions
- Recording financial transactions
In conclusion, the process of accounting helps to identifies, records, classifies and communicate the company's economic events to interested users.
Missing word includes <em>"1. prioritizing financial transactions 2. classifying financial transactions 3. planning financial transactions 4. interpreting financial transactions 5. recording financial transactions"</em>
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