Water Insurance Co issues a group of insurance contracts an Dec. 19, 20x1. On that day, the entity determines that the group of insurance contracts is onerous. The coverage period of the group starts on Jan. 1, 20x2 and the first premium from a policyholder in the group is due Dec 30, 20x2. When is the recognition date of the group of insurance contract issued? А. Dec 30, 20х1 В. Dec 19,20x1 C. Jan 4, 20x2 D. Jan 1. 20x2

Water Insurance Co issues a group of insurance contracts an Dec. 19, 20x1. On that day, the entity determines that the group of insurance contracts is onerous. The coverage period of the group starts on Jan. 1, 20x2 and the first premium from a policyholder in the group is due Dec 30, 20x2. When is the recognition date of the group of insurance contract issued? А. Dec 30, 20х1 В. Dec 19,20x1 C. Jan 4, 20x2 D. Jan 1. 20x2

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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