assume that we report the reinsurance company amount of recoverable claims 35000, expected amount28000, assume that also the balance of recoverable provision for outstanding claims a-28000 b-25000 c-30000 what is the adjusting entry

Adjusting Entry-An unrecorded transaction can be tracked via altering journal entries, which are…

Answered: assume that we report the reinsurance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Received interest revenue of RO. 7525. In the Interest revenue ledger
Recorded an adjusting journal entry for the portion of insurance coverage
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How is the account Prepaid Insurance classified and on which financial statement should it be recorded? current asset, balance sheet revenue, income statement current liability, balance sheet expense, income statement
Which of the following is most likely to be classified and reported as a current liability? a. Prepaid Expense b. Bond Payable c. Mortgage Payable d. Unearned Revenue O None of the above
The Claims Made Policy Form will pay for looses that occur at which of the following times? After the expiration date of the policy Before the retroactive date, and reported during the policy term During the policy term, and presented after the policy term After the expiration date, and reported during the policy term
describe the extinguishment of non-current liabilities
C. renewal notice O D. completing notes 19. is the document that acknowledge the insured legally entitled to receive the payment from the policy. * O A. Discharge notes B. Completion notes O C. Claim form O D. Policy form 20. The written insurance document that may include all clauses, exception and
ccess the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:1. Obtain the relevant authoritative literature on recognition of contingent losses. What is the specific citationthat describes the guidelines for determining when an expense and liability should be accrued for a contingentloss?2. List the guidelines.
TRUE OR FALSE S1 The straight-line method computes the unearned premiums, policy by policy, on a pro-rata basis in respect of the unexpired periods of the respective insurance policies at the end of each period. S2 PFRS 17 exempts an insurer temporarily from some requirements of other PFRS in selecting accounting policies for insurance contract for liability adequacy test. S3 Insurers shall disclose the following information that identifies and explains the amounts in its financial statements arising from insurance contract which includes its accounting policies for insurance contract and related assets, liabilities, income and expenses.
While accounting for provisions, contingent assets, and contingent liabilities if probability of occurrence of assets is 51% to 95%, then what treatment is required for the recognition of assets? a. Book provisions b. Disclosure notes c. Ignore assets d. Recognize assets

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assume that we report the reinsurance company amount of recoverable claims 35000, expected amo 28000, assume that also the balance of recoverable provision for outstanding claims a-28000 b-2500 30000 what is the adjusting entry