Need help 4 Points Financial Accounting-The Contractual Service Margin in insurancecontracts is:A. Recognized immediately as profitB. Added to insurance liabilityC. Released over the coverage periodD. Expensed as incurred

Explanation of Contractual Service Margin (CSM): The Contractual Service Margin represents the…

Answered: 4 Points Financial Accounting - The…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter15: Preparing Adjusting Entries And A Trial Balance

Section15.1: Planning Adjusting Entries

Problem 4AYU

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C. Claim form D. Policy form 20. The written insurance document that may include all clauses, exception and conditions is called O A. endorsement O B. claim form O C. certificate of insurance O D. policy form 21. What is the form that filled out by insured if a loss is suffered? *
The company selling the insurance policy is the _________________. a. Insurer b. Policy c. Premium d. Insured
ANSWER
3
Define insurance expense.
16. Liabilities whose amounts must be estimated are disclosed in financial statements by a. including details in the footnotesb. describing the estimated liability among the liabilities on the balance sheet, but not including the amounts in the liability totalsc. an appropriation of retained earningsd. including the amounts in the liability totals
Partial satisfaction of a multiple performance obligation is reported on the balance sheet asa. contract liability.b. receivable.c. contract asset.d. unearned service revenue
4 POINTS
Traditional indemnity policies reimburse the insured based on the [amount charged | usual, customary, and reasonable (UCR) charges] for the medical services received. a. amount charged b. usual, customary, and resonable (UCR) charges
Pumpkin Ltd. received the following information from its pension plan trustee concerning their defined benefit pension plan for the year ended December 31, 2020: December 31, 2020 $3,500,000 Defined benefit obligation Fair value of plan assets 1,750,000 For 2020, the service cost is $210,000 and past service cost (effective Jan 1, 2020) is $100,000. During 2020, Pumpkin contributed $595,000 to the plan, and paid 89,000 to the retirees throughout the year. The actual return of the plan assets is $90,000. The company was also informed by the consulting firm that an actuarial gain of $750 should be reported. Pumpkin uses discount rates of 6%. Pumpkin uses the immediate recognition approach under IFRS. Instructions Please calculate Pumpkin's DBO and Plan Assets ending balance and net defined pension asset/liability by completing the following worksheet. No separate journal entry necessary.
Write down any 4 quantitative disclosure related to lessee.
the classified balance sheet will show which liability subsections? A. current liabilities and other liabilities B. current liabilities and long term liabilities C. other liabilities and long term liabilities D. present liabilities and tomorrow's liabilities

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4 Points Financial Accounting - The Contractual Service Margin in insurance contracts is: A. Recognized immediately as profit B. Added to insurance liability C. Released over the coverage period D. Expensed as incurred