INSURANCE
Q: What does MYOB use the Historical Balancing account for?
A: MYOB: It is often defined as an international accounting software that is used by the businesses for...
Q: Salsa Inc. estimates that this year’s earnings will be $75 million. There are 12 million shares outs...
A: a) Earning per share = Yearly earnings / Number of shares = 75,000,000 / 12,000,000 = $ 6.25 Dividen...
Q: l in demand by 2,000 units. Currently ...
A: Given : Currently Projected Demand ...
Q: ompute the following financial data for this year: 4. Average sale period. (Use 365 days in a year....
A: Workings: Average Account Receivables = (beginning Account Receivables + ending Account Receivabl...
Q: Phoenix Company’s 2019 master budget included the following fixed budget report. It is based on an e...
A: Sales price per unit=revenue/budgeted sales income from operation=volume*sales price-volume*VC pu.-t...
Q: Memphis Co. reported the following information for 2021: Sales revenue: $780,000 Interest revenue...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: The following information were taken from the financial statements of CAMBODIA, INC. on December 31,...
A: Financial liabilities: Its a contractual obligations by the company to pay cash or deliver the finan...
Q: NUBD Corporation uses the FIFO method in its process costing system. Operating data for the Casting ...
A: The equivalent units are calculated on the basis of percentage of work completed during the period.
Q: Mary Jarvis is a single individual who is working on filing her tax return for the previous year. Sh...
A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the gov...
Q: NUBD has computed the following unit costs for the year just ended: Direct material used Direct labo...
A: Unit cost under variable costing = Direct material used + direct labor + Variable manufacturing over...
Q: 4. Three(3) don'ts to be observed under the advertising and publicity rule. 5. Four (4) general acce...
A: Hi Student, since there are multiple questions we will answer to only one question. therefore questi...
Q: On January 1, 2017, Giobal Manufacturing purchased a machine for $540,000 that it expected to have a...
A: carrying value=540000-260000=280000
Q: Received cash of P70,000 for a three-year advance rental to commence Aug. 31, 2020. Unearned Rental ...
A: 1. Cash received towards rent in advance for 3 years or 36 months amounting to ₱7,778. Rent revenue ...
Q: Carla Vista Company buys merchandise on account from Tamarisk Company. Th selling price of the goods...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Problem: Anna is the food and beverage director for a mid-size hotel in a beach destination area. Th...
A: Comparative balance sheet means where increase or decrease of every item is calculated and percentag...
Q: Prepare journal entries to record these transactions and events. 1. During 2022 Leavitt County colle...
A: if revenue is receivable but not received we will credit deferred revenue.
Q: During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of ev...
A: Purchase of Inventory from Noah discount = $ 1590 * 2% = $ 31.8 Purchase of Inventory from Emma disc...
Q: Required Informatlon [The following information applies to the questions displayed below.] Now that ...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Presented below is selected information related to Metlock, Inc. for the year ended January 31, 2022...
A: Given, Ending inventory per perpetual records = $31,180 Ending inventory actuall on hand = $30,480
Q: How much was the cash received from the sale of investment in associate?
A: It is given that on July 31, 2021 Investments costing P50000 has been disposed of at a loss of P450...
Q: Total revenue 1,448,956.00 463,666.00 652,030.00 100% 1,094,276.00 382,996.60 437,710.40 100% F&b ex...
A: Cost Control: Business expenses are identified and reduced through the practice of cost control and...
Q: 10. Jim Company offers three payment plans on its 12-month contracts. Information on the three plans...
A: The deferred revenue is the receipts of advance payment, for which services are not yet provided.
Q: The total costs to process the beginning 7,000 units in progress was £21,000. 38,000 units were star...
A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect...
Q: Journalizing Service Concern Transactions Mr. Henry labasan is engaged in a Rent-A-Car business to ...
A: The question is based on the concept of Journal Entries.
Q: - adjusted total current liabilities
A: Current liabilities are the obligations repayable within a year. It is a part of liabilities' side o...
Q: On April 1, 2018, Mugiwara Co. purchased a building for P100,000,000. The building has an estimated ...
A: The question is based on the concept of Depreciation Accounting.
Q: Wright Ltd uses an Activity-based Costing (ABC) system to manufacture tractor metal parts. The follo...
A: Activity based costing means where the product is valued on the basis of actual direct material , di...
Q: For 2020, Roy manufacturing used job costing. The company uses machine-hours as the overhead cost-al...
A: Given that, the company uses machine hours as the overhead cost-allocation base Budgeted manufacturi...
Q: Prepare a partial balance sheet showing the investment-related amounts to be reported at December 31...
A: Ivanhoe, Inc. Partial Balance Sheet Particulars Dec 31, 2020 Dec 31, 2021 Current Asset (Divide...
Q: The cost price of hand phone is RM 3700. If the seller wants a 15% mark-up based on cost price, find...
A: The retail price is the final price that a good is sold to customers for, those being the end users ...
Q: ABC Corp. acquired all the assets and liabilities of XYZ Corporation by issuing shares of its common...
A: Introduction:- The Value of the reputation of the company through its operations is known as goodwil...
Q: Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $190,000 and appropri...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Consider the following costs: £ Production supervisor’s salary 34,000 Direct materials 27...
A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing over...
Q: On January 1, 20Y7, Valuation Allowance for Available-for-Sale Investments had a zero balance. On De...
A: Unrealized Gain = Fair value of investment - Cost of investment = $194,170 - 189,000 = $5,170
Q: 8. Ego Co. had the following account balances on December 31, 20x1 before adjustments: Inventory (pe...
A: 1.Goods on Shipping Point Basis: It means Goods leaves the Place of supplier and are in transit and ...
Q: The functions of the World Bank evolved in response to... the increase in protectionism. the creatio...
A: The World Bank is an international organization dedicated to providing financing, advice, and resear...
Q: Activity 1. Identify which of the following falls under operating, investing, financing or Non-cash ...
A: Cash flow statement is one of the financial statement of business which shows all cash inflows and c...
Q: 1. Staff accountants’ working papers are reviewed within one week of being completed. 2. The partne...
A: a) Statement Showing quality control elements on which, the policy relates are: S. No. Cases Qual...
Q: FINANCING ACTIVITIES How much is cash paid for dividends?
A: Dividend means the amount given to shareholder of the company as profit distribution by company. Fir...
Q: Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $190,000 and appropri...
A: Since Milani has significant influence on Seida, it will use Equity Accounting method for it's inves...
Q: A company acquired machinery with cost of P2,200,000. with an estimated useful life of 10 years and ...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: 2-a. What is the amount of retained earnings as of December 31, 2021? 2-b. Did the retained earnings...
A: Income statement means the statement which show the cost of goods sold and selling price and give ou...
Q: Calculate the amount of Owner's Investment for Company C during 2018? A B. C December 31, 2017 4,500...
A: Accounting equation says that total assets should always be equals to total liabilities and equities...
Q: Sully Windows earns $5.50 per share before taxes. The corporate tax rate is 40%, the personal tax ra...
A: Contributions, interest earned, dividends, and capital gains are not taxed in a tax-free savings acc...
Q: Trading Securities at Fair Value On January 1, 20Y9, Valuation Allowance for Trading Investments had...
A: Solution:- Preparation of adjustment entries to record unrealized gain or loss on trading investment...
Q: Superior Cars sold a car for $35,000 cash. In addition, changes per year for 5 years and an extended...
A: Revenue means the amount earned by selling the goods or services. Revenue is recognized in books of ...
Q: What are the social security and Medicare withholdings (in $) for an executive whose annual gross ea...
A: "Up to $128,400 for Social Security tax" means that the withholding rates will be calculated $128400...
Q: Statement of Changes in Equity. The following balances were taken from the December 31, 2020 financi...
A: Retained earnings reflect the accumulated balance of the profits earned to date that is available fo...
Q: The actual materials price (AP) was £4.50, the actual quantity (AQ) of material was 5,500 units, and...
A: Standard costing means where standard is set for various cost element and actual cost is then compar...
Q: At the end of last year, River Side Company achieved $9 million in revenues (EBITDA). Depreciation e...
A: Net income: It is often defined as the total earnings earned by a business during an accounting per...
GIVE THE FOLLOWING OF INSURANCE
- Competence
- • Audit Planning
- • Reliance on Experts
- • Laws and Regulations
Step by step
Solved in 2 steps
- Which of the following is a type of captive formed to write most types of liability insurance coverage? A. Risk orientation groups B. Risk reduction groups C. Risk retention groups D. Risk avoidance groupsBriefly explain the difference between an insurance and an assurancepolicy?Explain the difference between current and noncurrent assets and liabilities. Why is this distinction important to stakeholders?
- What is the definition of assurance and non assurance servicesWhich of the following is not an insurance management tool? Group of answer choices deductibles. screening of applicants. limits on insurance. restrictive covenants. signalling.what is the role of the Insurance Core Principles as it relates to underwriting risks, in the effective management of insurance companies?
- Explain the relationship between substantive tests of transactionsfor the acquisition and payment cycle and tests of details of balances for the verificationof prepaid insuranceWhich of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A Notice Regarding Replacement of Life Insurance or Annuity B.A Notice Regarding Insurance Producer Compensation Schedule C.A Statement of Ethical Practices D. A Comparative Information formdicuss undertaking in insurance