Financial AccountingIn insurance contracts, the risk adjustment reflects?a) Market risk onlyb) Credit risk onlyc) Uncertainty in future cash flowsd) Historical claims experience

Explanation of Risk Adjustment:Risk adjustment refers to an additional measure included in the…

Answered: Financial Accounting In insurance…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2Q: On which financial statement are current liabilities reported?

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Which of the following situations does not base an accounting measure on a present value? Prepaid insurance , leases, pensions or sinking funds
Sub: Accounting
On which financial statement are current liabilities reported?
1. The significant risk that is transferred from the policyholder to the issuer of an insurance contract is:a. Lapse or persistency riskb. Financial riskc. Expense riskd. Insurance risk2. Under the general model of PFRS 17, a group of insurance contracts is initially measured at:a. The fulfillment cash flowsb. The contractual service marginc. Either a or bd. Both a and b3. A group of insurance contracts is subsequently measured at:a. The liability for remaining coverageb. The liability for incurred claimsc. Either a or bd. Both a and b4. According to PFRS 17, an insurance contract is NOT derecognized when:a. Expiredb. Terms have been modified, and the modification is not substantivec. Terms have been modified, and the modification is substantived. Extinguished5. According to PFRS 17, an accounting service result is recognized in:a. Profit or lossb. Other comprehensive incomec. Statement of financial positiond. Partly in profit or loss, and partly in other comprehensive incomeUse the…
Potential liabilities that depend on future events arising out of past events are calleda. contingent liabilities.b. estimated liabilities.c. current liabilities.d. long-term liabilities.
Correct Option?
The default subsequent measurement base for financial liabilities is: Select one: amortised cost through profit or loss fair value using the effective interest rate. amortised cost using the effective interest rate fair value through profit or loss
Define the term exposure to financial risk?
How do risk premiums influence financial decisions regarding risk and return?
Charges in the fair value of the effective portion of a hedging financial instrument are recognized as a part of current earnings of the period for which of the following? Cash Flow Hedge Far Value Hedge a b с d yes no yes no yes yes no no
Fair value is used to value which of the following balance sheet accounts? a. Prepaid expenses; patents; property, plant, and equipment b. Capital lease obligations, bonds payable c. Receivables net of allowance for doubtful accounts d. Debtsecurities available for sale, trading securities

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Financial Accounting In insurance contracts, the risk adjustment reflects? a) Market risk only b) Credit risk only c) Uncertainty in future cash flows d) Historical claims experience