ANSWER Problem 3.6[4 Points] Financial AccountingThe Contractual Service Margin in insurancecontracts is:a) Recognized immediately as profitb) Released over the coverage periodc) Added to insurance liabilityd) Expensed as incurred

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

Answered: Problem 3.6[4 Points] Financial…

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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QUESTION 27 The price per unit of insurance is called the O premium. O loss adjustment expense. rate. loss reserve.
_____ is a contract that involves compensation for specific potential future losses in exchange for periodic payments and that provides for the transfer of the risk of a loss, from one entity to another, in exchange for a premium. a.Spot contract b.Insurance c.Hedging d. Forward contract
Sub: Accounting
2. Which of the following best describes the accounting for assurance-type warranty costs? * 1 point a. Expensed when paid. b. Expensed when warranty claims are certain. c. Expensed based on estimate in year of sale. d. Expensed when incurred.
Chapter 10, Question 16: What are contingent liabilities? List three examples of contingent liabilities. When should contingent li-abilities be recorded in the accounts?
Intermediate Accounting 105 May I please have a GAAP explanation, along with examples providing concepts? Under what conditions should a short-term obligation be excluded from current liabilities? Thank you so much
Which of the following is not an accrued liability? Question 36 options: A) Warranty liability. B) Accounts payable. C) Interest payable. D) Salaries payable.
Unamortized debt premium should be reported on the balance sheet of the insurer as a Group of answer choices direct addition to the face amount of the debt deduction from the issue costs deferred credit direct addition to the present value of the debt
3. Explain the current liability “Accrued and other current liabilities.”
19. Which of the following best describes the accounting for assurance-type warranty costs? * a. Expensed when paid. b. Expensed when warranty claims are certain. c. Expensed based on estimate in year of sale. d. Expensed when incurred.
S1: PFRS 17 allows and insurer to change its accounting policies for insurance contract only if, as a result of its financial statements present information that is more relevant. S2: Outward Reinsurance is where the premium and commission shall be accounted for in the different accounting period original policy to which the reinsurance relates. S3: Premiurn deficiency arises when the unearned premium reserve is less than the estimated claims related expenses. a. Only S3 is incorrectb. All statements are correctc. Only S2 is correctd. Only S3 is correcte. Only S1 is incorrectf. Only S2 is incorrectg. All statements are incorrecth. Only S1 is correct
punts receivable ipment umulated deprec tes payable

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Problem 3.6[4 Points] Financial Accounting The Contractual Service Margin in insurance contracts is: a) Recognized immediately as profit b) Released over the coverage period c) Added to insurance liability d) Expensed as incurred