What is bought and sold in the equities market? What’s the difference between an LLC and a standard limited liability corporation (aka, a “C” corporation in IRS parlance)? Explain what is meant by “the corporate veil” and “piercing the corporate veil”? What is an insurance reserve AND is it an asset or a liability on the insurer’s financial statements? What’s the difference between a profit statement and a net worth statement? How does an insurer make a profit in each of these three categories? Underwriting Profit Investment Profit Operations Profit Explain why the twin financial mandates of solvency and profitability create a conflict for an insurer.

Q: definition and recognition criteria of liabilities

A: Liability is the obligation to be repaid or loss to be met in future.

Q: What are interest received and dividends received in accounting (tax)? Also, please describe…

A: Interest received and dividends received in accounting and taxation refer to two different types of…

Q: What is the difference between income which is "realized" and income which is "recognized"?  Which…

A: Financial accounting requires to report all the income and expenses on the books and compute the…

Q: Which of the following statements is true? O Interest on bonds is not tax deductible O Interest on…

A: Bonds should be repaid back at maturity  perios

Q: How is tax accounting different from financial accounting?

A: Accounting: It can be defined as the process of summarizing and recording the company’s financial…

Q: What accounting concept is reflected in recognizing  warranty liabilities as liabilities even when…

A: According to the accounting concept of conservatism, revenue is only recognized when there is a…

Q: When a company acquires an affiliated company’s debt instruments from a third party, how is the gain…

A:

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.