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. 53: Premium deficiency arises when the unearned premium reserve is less than the estimated claims related expenses. Only S3 is correct O All statements are correct Only S1 is correct O Only S1 is incorrect Only S2 is correct O Only S3 is incorrect O All statements are incorrect Only S2 is incorrect

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. 53: Premium deficiency arises when the unearned premium reserve is less than the estimated claims related expenses. Only S3 is correct O All statements are correct Only S1 is correct O Only S1 is incorrect Only S2 is correct O Only S3 is incorrect O All statements are incorrect Only S2 is incorrect

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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