Which is not an essential characteristic of an insurance contract? A. transfer of significant risk from the issuer to the policyholder B. policyholder pays the issuer for the transfer of risk C. issuer indemnifies the policyholder for losses when the insured event occurs D. none of the above
Q: What is owner Capital listed as a debit or credit
A: Solution: Owner capital is the amount of capital invested in business by owner. This is shown as…
Q: lease. boy will record a credit to discount on finance lease receivable amounting to: P 2 decimal…
A: Leasing :— Transfer of Assets by the Lessor to the Lessee for a particular period of time. There is…
Q: Tania Company manufactures watches. A national sporting goods chain recently submitted a special…
A: Relevant cost is the cost which effect decision of dicision maker or we can say past cost which are…
Q: Can you use examples for an individual and for a company to distinguish them as tax residency?…
A: Here discuss about the details of the determination of tax resident status for Individual and the…
Q: What is the impact of writing off a $500 account under the allowance method on Net Realizable Value?
A: Solution: Under the allowance method of uncollectible accounts, bad debts expense are recognized…
Q: at is the expected net income (after tax) in Year 3 if the proposed investment is undertaken? Round…
A: Summary of the relevant information provided in the question : New Machine Cost = $ 303,000 Sales…
Q: Authorization of transactions is a key control in most organizations.Authorizations should not be…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: ote payable to the Bank of the Giniling Islands for P2,400,000 is outstanding on December 31, 2022.…
A: Note Payable : It is a written document where the borrower is promise to pay the amount of debt to…
Q: Paula Boothe, president of the Ayayai Corporation, has mandated a minimum 8% return on investment…
A: Economic value added Net operating income after tax - (capital employed * weighted average cost of…
Q: TB MC Qu. 12-77 (Algo) Antique Corporation is contemplating the ... Antique Corporation is…
A: Given, Original cost of this asset = $34,000, Depreciation expense = $26,000, Current estimated…
Q: Jan Shumard, president and general manager of Danbury Company, was concerned about thefuture of one…
A: Fixed costs are those costs which will not be changed with change in activity level upto a…
Q: What are the allocated wages for Jack and Jill in Year 1 and Year 2 and how do you calculate this?
A: Ordinary income (OI) which is the term of accounting and it states the amount of money that is…
Q: ! Required information [The following information applies to the questions displayed below.] Gerald…
A: In the context of the given question, we are required to compute only the second part of the…
Q: Butler, Inc. had the following treasury stock transactions in 2024: July 8 Purchased 1,000 shares of…
A: The treasury stock is a stock in which the company buys back its own shares. The treasury stock is…
Q: CPA Corporation purchased a 10% interest in Sticky Company on January 1, 2010 as an…
A: As per the given information: Interest purchased in Sticky company on January 1,2010- 10% for…
Q: b. What is Coy's ending basis in his partnership intere
A: Introduction:- A partnership means two or more persons joint together and carrying out a business…
Q: Vista Company manufactures electronic equipment. In 2021, it purchased from an outside supplier the…
A: Purchase price from outside vendor = $2.70 Cost to make Amount Annual fixed cost 142,000…
Q: Statement 1: Depreciation expense error wil self correct in the next year after the momer of…
A: Answer to Question 7 : One Statement is False. (S1 is false). Explanation : S1 : As per IFRS 16, To…
Q: Identify the price and quantity of hamburgers you would ideally produce. Explain why.
A: Fixed cost : It is the cost which is fixed and will not change with the change in output. Variable…
Q: The Cape Cod Cotton Candy Company had the following information available regarding last year’s…
A: Introduction: Net income is the remaining accounting profit after subtracting all expenditures.…
Q: Prepare the journal entry to record Cullumber's payroll tax expense. (Credit account titles are…
A: The payroll register is the register maintained by the companies to record their employee details…
Q: Paid 600€ as rent for shop premises. (from cash) Received 2.000€ as a loan from Georges frien Sally…
A: T -Accounts / Ledger Accounts: These are the accounts where all the individuals accounts are opened…
Q: per processing hour b. Use the overhead rate in (a) to determine the amount of total and per-case…
A: Solution:- a)Determination of the single plantwide factory overhead rate as follows under:- Formula…
Q: On January 1, 2020, the Dolce Corporation issued a three-year, non-interest bearing note with face…
A: Given, effective interest rate = 12%, annual installments = P1,000,000, The land has an equivalent…
Q: Patrick Inc. makes industrial solvents sold in 5-gallon drums. Planned production in units forthe…
A: The purchase budget is prepared to estimate the number of units to be produced during the period.…
Q: July 1,2020, Joshua leased an quipment to Gerald under 3 year operating ase. Gerald will pay 100,000…
A: Lease Rent / Royalty : It is the amount of rent on the assets which is given for use to the person…
Q: Chillmax Company plans to sell 3,500 pairs of shoes at $60 each in the coming year. Variablecost is…
A: The break even sales are the sales where business earns no profit no loss during the period. The…
Q: QS 2-3 Reading a chart of accounts LO C3 A chart of accounts is a list of all ledger accounts and an…
A: Assets are the rights and resources being held by the business. Liabilities are the obligations, of…
Q: The percentage of accounts receivable that is uncollectible can be ignored for cashbudgeting…
A: Budgets are the forecasts or estimates that are made for future period. Cash budget is one of the…
Q: [The following information applies to the questions displayed below.] Megan and Matthew are equal…
A: Megan's basis in the distributed assets is as follows :- The sum of the basis ($35,500) is less than…
Q: The Filling Department of Ivy Cosmetics Company had 2,000 ounces in beginning work in process…
A: In the given question it is given that the materials are added at the beginning of the process it…
Q: al b) C) d) Prepare the journal entries to record the transactions and net income. Show the…
A: Share holders Equity Shareholders equity which consist of equity and preference shares which are…
Q: ich of these statements is not correct? Australian accounting standards are not enforceable by the…
A: Accounting standards are very important for any country in maintaining standard of accounting and…
Q: The public debt is the sum of all previous: Budget surpluses minus the current budget deficit of…
A: Introduction: The entire amount borrowed by the government to meet its development budget,…
Q: A company reports the pilowing beginning 450 units. Ending inventory at January 31 totals 170 units.…
A: LIFO - Last in first out means that the units purchased latest will be sold first , therefore the…
Q: Amanda Company purchased a computer that cost $11,200. It had an estimated useful life of five years…
A: Answer:- Depreciation meaning:- A reduction in the worth of an asset is generally referred to as…
Q: [The following information applies to the questions displayed below.] Gerald Utsey earned $49,100 in…
A:
Q: A company reports the following for one of its products. Direct materials standard (4 pounds @ $2…
A: Direct materials price variance=SP-AP×AQ Direct materials quantity variance=SQ-AQ×SP Direct…
Q: What are the cost estimation methods? What is their importance and can you provide an example of how…
A: Cost Estimation: The process of predicting the financial and other resources required to finish a…
Q: retained earnings for the year. What is the net income for the current year?
A: Net Income = Increase in Assets + Decrease in Liabilities - Decrease in Assets - Increase in…
Q: McFadden Company owns equipment with a cost of $475,000 and accumulated depreciation of $280,000…
A: The income statement shows the net income or net loss that is calculated by deducting the expenses…
Q: On January 2, 20X1 Piron Corporation issued 100,000 new shares of its $5 par value common stock…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: An auditor’s client consent in writing is required before an auditor can disclose any information…
A: Auditor knows about sophisticated information regarding client's business, and auditor is not…
Q: On January 1, Year 4, Grant Corporation bought 10,000 (80%) of the outstanding common shares of Lee…
A: Consolidated Financial Statements: It is a financial statement of a parent company and its…
Q: What is directional testing? How does directional testing relateto the appropriateness of audit…
A: Auditing means the process in which the books of the company are audited by a person. The person…
Q: Describe the steps involved in closing the books. What is the most important output of the…
A: Closing the books refers to the accounting procedure done at the end of the month, quarter or year,…
Q: Required information P8-8 (Algo) Determining Financial Statement Effects of Activities Related to…
A: Accounting Equation -> Assets = Liabilities + Capital (Stockholders' Equity) Patent is an…
Q: Mei Company engaged in the following transactions for the month of April. Record the transactions…
A: Perpetual inventory system is one of the inventory system. Under this system, all purchase and sale…
Q: xplain the rules governing the deductibility of expenses for employees in Mauritius.
A: Employees are getting various emoluments from employer in which certain deduction are given in…
Q: According to the revenue recognition principle, revenues should be recognized when or as the company…
A:
Step by step
Solved in 2 steps
- Which of the following types of insurance does NOT involve a contract with an external party? a. self insurance b. directors and officers insurance c. property insurance d. life insuranceWhich of the following is not an insurance management tool? Group of answer choices deductibles. screening of applicants. limits on insurance. restrictive covenants. signalling.One of the purposes that deductible are used in insurance policies is to O eliminate coverage for small claims. O place restrictions or limits on the insurer's promise to perform. provide broader coverage by increasing the number of perils covered. exclude perils that are not insurable.
- Choose the best answer. 1.Which statement is TRUE about an insurance contract? * a.The insurer is the party that has an obligation under an insurance contract to compensate a policyholder if an insured event occurs. b.The policyholder is the party that has a right to compensation under an insurance contract if an insured event occurs. c.The insured event is an uncertain future event that is covered by an insurance contract and creates insurance risk. d.All of these statements are true about an insurance contract. 2. IFRS 17 provides that insurance contracts should * a.Comply with all existing IFRS b.Generally continue to be subject to existing accounting policies. c.Comply with the IFRS Framework document. d.Be covered by IAS 32 and IFRS 9 3.An insurance contract can contain both deposit and insurance elements. An example might be a reinsurance contract where the cedant receives a repayment of the premiums at a future date if there are no claims under the contract. Effectively this…The promises of the insurer are found in the insurance policy. True FalseTrue or False? 1. An insurance contract is derecognized when it is extinguished and when it is modified where the modification meets any of the conditions for derecognition. 2. The occurence of the event must be certain at the inception of the insurance contract.
- What is the consideration for the insurer in an insurance contract? 1.Premiums Paid 2.Risk Avoidance 3.The literal piece of paper the contract is written on is the consideration 4.An Insurance Contract does not require considerationAn implied condition of pooling risks with insurance is that the event being insured against is under the control of the individuals. TRUE or FALSE Strictly speaking, the price of insurance is the pure or actuarily fair premium TRUE or FALSEWhen a life insurance policy lapses, it: a. benefits the insured b. benefits neither the insurer nor the insured. c. benefits the insurer d. benefits both the insurer and the insured
- Which of the following is not a requirement of a "qualified" long-term care insurance policy? The benefit of the policy must offer inflation protection. The contract must offer to cover pre-existing conditions. The contract must be guaranteed renewable. The contract must offer to pay a nonforfeiture benefit.It pertains to a risk management technique when acquiring a life insurance. *risk avoidancerisk retentionrisk transferanswer not givenWhat does the insurer agree to pay for in addition to covering losses in an insurance policy? Services such as investigating claims and defending the insured The entire policy limit Premium costs for the policy period Only losses below the deductible