COMPUTE THE PREMIUM, PREMIUM EXPENSE, PREMIUM LIABILIT

Q: Define Refund Liability.

A: Refund liability: When a company sells its products with a right of return to customers it has to…

Q: Is recover compensation within? compensation Inco ne ontion from in uranoe

A: Recovery compensation refers to the recover or regain through the agency of government against all…

Q: 2. Describe "insurance premium" in your own words.

A:

Q: Wages payable is classified as : a. Current asset b. Long term liability c. Fixed asset d. Current…

A: Current Assets: Current assets can be sold in the near future and cash can be generated from the…

Q: How is compensation expense computed using the fair value approach?

A: The fair value method records the compensation for stock option transactions at fair value of the…

Q: The payment of a liability

A: The liability is the amount due to be paid by the business to its creditors.

Q: How is the Accumulated Benefit Obligation (ABO) different from the Projected Benefit Obligation…

A: Accumulated Benefit Obligation and Projected Benefit Obligation both are terms used in the pension…

Q: 7 What are utilities, property taxes, and insurance all examples of? A O Contract contingencies. BO…

A: We first needs to understand all the terms given in the question to answer the question. Contract…

Q: Define insurance expense.

A: Expense: It refers to the cost incurred by a business to generate revenues in their business…

Q: In computing the ending balance of defined benefit obligation, which of the following is deducted…

A: Defined benefit obligation is the present value of future pension liabilities of a company which it…

Q: Net defined benefit asset results in Current service cost Interest expense Interest revenue

A: As per IAS 19 of IFRS mentions how the accounting should be done to employee benefit other than…

Q: Fringe benefits are reported as on the income statement. Multiple Choice Assets Expenses Liabilities…

A: Fringe benefits -  These are the benefits offered to employees apart from the salary given to…

Q: Distinguish between one-time, recurring, and tangible and intangible expenses and benefits.

A: An expenditure is a business's operational cost incurred to produce income. It may be described as…

Q: What is an estimated liability?

A: Estimated liabilities are liabilities which a company owes certainly but the amount of obligation…

Q: Distinguish among the vested benefit obligation, the accumulated benefit obligation, and the…

A: Vested benefit obligation (VBO) VBO is obtained as the present value of the benefit obligation which…

Q: Outstanding rent is Select one: a. Long term liability O b. A revenue C. A current liability O d. A…

A: Outstanding rent come under the head of Current Liability within the record. Outstanding rent are…

Q: Difference between annuity and lump sum payment.

A: Time value of money: Time value of money refers to the concept that the value of money available at…

Q: Define accrued liability

A: Accrued Liability is an expense that was incurred before the end of the current period but has not…

Q: Why GAAP requires the allowance method

A: while accounting the uncollectible accounts  in the books of accounts GAAP requires the allowance…

Q: true or false  Only one discount rate is used when measuring the defined benefit obligation under…

A: Defined benefit obligation refers to a form of post-employment benefit plan which provides a base of…

Q: Discuss about the long term liability Vs short term liability?

A: SOLUTION- LIABILITY- ANY AMOUNT OR SUM A BUSINESS OR COMPANY IS OBLIGATED TO PAY TO ANY INDIVIDUAL,…

Q: Differentiate annuity dues and deferred annuities.

A: An annuity can be divided into two types: Annuity due: Unlike a regular annuity, annuity due…

Q: Differentiate between long term liability and short term liability?

A: First of all, let is understand what a liabilty is - Any amount or sum a business or company  is…

Q: What are “liability gains and losses,” and how are theyaccounted for?

A: Liability gains and losses arise from the unexpected increase or decrease in the value of projected…

Q: Which one of the following is a special type of liability? a. Accrued expenses b. Salaries payable…

A: Accrued expense: These are those expenses which due but not yet paid.This is short term liability…

Q: In determining the present value of the prospective benefits (often referred to as the defined…

A: Defined benefit obligation means a defined plan of contribution from employer to employees'…

Q: What is meant by ‘Issue of debenture at discount and redeemable at premium?

A: Bonds:   Bonds are debt instruments issued by the borrower company to its lenders. Bonds are issued…

Q: What's the difference between current liability and long term liability ?

A: Liability: Liability is an obligation of the business to pay to the creditors in future for the…

Q: common fixed expense

A: Total Income = Sales Revenue - Total Variable cost - Total Fixed cost  It is pertinent to note that…

Q: Explain the difference between an ordinary annuity and an annuity due situation.

A: Annuity: It is amount of money payable to an individual at a periodic basis which is normally a…

Q: is prepaid reant an expense

A: Prepaid expense:Prepaid expense is the advance payment for future expenses is called as prepaid…

Q: he consideration paid by insured in a contract of in - premium C. prepaid insurance insurance…

A: The insurance companies do different kind of insurance for the companies depending on the risk and…