Making a prepayment for insurance will have the effect of select one:  a) Increasing expenses and decreasing net profit b) decreasing expenses and increasing gross profit  c) Increasing expenses and decreasing gross profit  d) Decreasing expenses and increasing net profit

Q: Identify how life insurance fund appears in the financial statements? a. The debit side of the…

A: Life Insurance Fund- It is a fund which helps the entity in making payment for its obligation which…

Q: Group of answer choices a. type of care

A: Grooming/personal hygiene, clothing, toileting/continence, transferring/ambulating, and eating are…

Q: Explain the difference between gross medical services revenue and net medical services revenue

A: Please find the answer to the above question below:

Q: How do insurance company makes money?

A: The insurance company is referred to as that company whose predominant and primary business is…

Q: Give an example of pre-paid expenses and show the impact on the balance sheet?

A: The balance sheet is the important financial statement of the business. It tells about the financial…

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: explain the inherent risks associated with prepaid expenses and deferred charges.

A: A deferred charge is the same as a long-term prepaid expense, which is an expense made for an…

Q: It pertains to a risk management technique when acquiring a life insurance. * risk avoidance risk…

A: One of the risk management technique is Risk Transfer where one party transfer the risk to another.…

Q: Briefly explain the difference between an insurance and an assurancepolicy?

A: Insurance policy and Assurance policy are two different policies.  Insurance policy provides…

Q: The type of account and normal balance of prepaid insurance would be

A: An asset is a resource controlled by an entity from which future economic benefits flow to the…

Q: 6) Name and define the three parts of an insurance calculation charges?

A: Insurance is a contract, represented by a policy, in which a person or entity receives financial…

Q: The increase in expenses and decrease in payables should be debited* O True O False

A: Expense accounts normally have debit balance and all payables normally have credit balance. For…

Q: Payment must be probable in order for a compensated absence to be accrued. True False

A: The term "probable" is pivotal in the context of accruing liabilities, especially concerning…

Q: Describe the Comprehensive General Liability Insurance?

A: Answer: Comprehensive general liability insurance is an old concept for general liability insurance,…

Q: What is the role of Insurance company?

A: Answer no 3. Insurance companies are a part of financial system and considered as a safeguard the…

Q: Define insurance expense.

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

Q: The adjusting entry of orepaid expense will decrease the equity True False

A: Prepaid Expenses: These are the current assets that need to be paid within less than 12 months.…

Q: Insurance coverage has been shown to diminish the importance of time in the decision about how much…

A: Insurance coverage seems to be the degree of risk or responsibility that would be addressed by…

Q: The adjusting entry to record a contingent liability requires a debit to a loss (or expense) account…

A: Contingent liability is a potential liability that arises as a result of past transactions but the…

Q: What are two types of insurance and their characteristics.

A: Insurance is a financial product or service that provides protection against financial losses due to…

Q: How is the account Prepaid Insurance classified and on which financial statement should it be…

A: Prepaid insurance is the portion of an insurance premium that has been paid in advance and has not…

Q: Define the term prepaid insurance.

A: Prepaid expenses: Advance payment for future expenses is called as prepaid expenses. These prepaid…

Q: Do you believe the accuracy of the prepaid accounting balance can be determined by examining, the…

A: To determine the accuracy of the prepaid accounting balance, one needs to examine various factors…

Q: scuss insurance costs and unreimbursed losses

A: Defining and discussing  the terms, Insurance Cost and unreimbursed losses, both the terms are used…

Q: What type of entry will decrease the normal balance of the general ledger accounts prepaid…

A: Prepaid expenses are those expenses for which the amount has been paid but expenses has not yet…

Q: The policy holder who receives the coverage is called O a. Premium O b. Insured O. Face value O d.…

A: Insurance is a term used for the security provided in monetary terms by an insurance company to a…

Q: Compare life cover and funeral cover, stating the advantages and disadvantages of each

A: Life cover acts as a safeguarding financial tool, delivering a lump sum to beneficiaries upon the…

Q: The increase in expenses and decrease in payables should be debited O True O False

A: While recording any business transaction in accounting form we enterd this amountin two side one is…

Q: What other steps should be taken to make sure that the remaining balance in the prepaid account for…

A: Prepaid expenses are expenses that have been paid in advance but have not yet been incurred or…

Q: ULIP has a component of    Opions are health insurance,  accident insurance life insurance…

A: The insurance is the contract under which it promises to pay or indemnify the losses caused to the…

Q: What type of information is entered for insurance and why is insurance important?

A: Insurance is a way to protect oneself from financial loss. It is a type of risk management that 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: O Liability Insurance Expense.

A: Sud account is smaller account under a larger account . It is uesful to track different activites…

Q: Fill in the blank.  The  ____________ principle of accounting requires the revenues generated by…

A: The expense recognition principle (also known as the matching principle) stipulates that expenses…

Q: Explain what is meant by rollover relief and identify the conditions that are necessary for rollover…

A: A capital gain is the rise in the value of a capital asset that is realised upon sale of the asset.…

Q: What will making a prepayment for insurance have the effect of?

A: The insurance paid in advance means the expense has been paid but it is not due yet.

Q: why has insurance delined as arisk fincaing technique

A: Insurance is a protection that is offered by a company (insurer) to the buyer (insured) in lieu of…

Q: When creating an Income Statement and calculating Net Patient Service Revenue, which of the accounts…

A: Net patient service revenue is the entire money earned by a healthcare organization from delivering…

Q: How is the account Prepaid Insurance classified and on which financial statement should it be…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Classification Of Risk

Risk means when there could be a possibility that the returns expected from a particular project or investment may or may not match the investor's expectations. In other words, the uncertainty of an income arising from a source that would either be lower than expected or result in losses in risk exposure of the project. The higher the risk involved, the higher is the return expected by the investor as the investor is exposed to a high level of risk. There are various methods by which different types of risk can be assessed and avoided or mitigated.