Q: 18. Which of the following contingencies is usually not accrued in the accounts? a. uninsured risk…
A: Contingencies means:
Q: Regarding the taxation of life insurance policies, which of the following is NOT true? Select one:…
A: Life insurance is referred to as a contract between you and the insurance company. In general,…
Q: how to correct a Notification has been received that the outstanding balance on one of the debtors…
A: Introduction: Rectification entry has to be passed when any error has been made in the books of…
Q: Statement 1: If an insured outlived his policy and received from the insurance company an amount…
A: Here discuss about the tax burden which are incurred in the insurance policy after the outlive of…
Q: Which of the following is deductible from gross income? O Loss from a business receivable from a…
A: Gross income : It is the income which is taxable before allowing any deductions. Deduction are…
Q: 18. Which of the following loss contingencies is not usually accrued? a. product warranty…
A: c. risk of loss from fire This type of loss contingencies is not usually accrued.
Q: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…
A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…
Q: ife insurance premiums paid by the company on its officers and employees are considered permanent…
A: Solution: False. Because Life insurance premiums paid by the company on its officers and employees…
Q: b) Define deductible. c) What happens to your premium when the deductible is lowered? d) List three…
A: Honor code: Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: he following statements is true? a. No loss contingencies should be disclosed if there is just a…
A:
Q: Were you correct that the pension liability is not reported in the balance sheet? What is the…
A: Pension refers to the accumulated amount of money that is added during the employment period of an…
Q: What are the risks to the lender if a borrower declares bankruptcy?
A: Bankruptcy refers to a condition in which a borrower (business or an individual) is unable to pay…
Q: State the rules in case of the thing to be delivered is lost with the debtor's fault or without his…
A: When one party to a legally binding agreement fails to deliver according to the terms of the…
Q: 21. What is the form that filled out by insured if a loss is suffered? *
A: Takaful is a sort of Islamic insurance in which members combine their funds to protect one another…
Q: 10. ________principle means that the insured is not entitled to make a profit on his loss: a.…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Deductibles are not used in which of the following type of insurance?
A: Deductibles in insurance: The deductibles is an expense the insured have to pay in before the time…
Q: If the insured outlived the life insurance policy, the proceeds shall be taxable to the beneficiary…
A: If the insured outlived the life insurance policy, he/she will get his/her premium back, this…
Q: Payments by employers of premiums on life insurance for employees are not taxable benefits. Select…
A: Tax deductible Expenses: Expenses that are deductible for tax purposes include those deemed…
Q: Which of the following is deductible from gross income? Loss from a business receivable from a…
A: Loss from a business receivable from a customer which is estimated to be doubtful of collection:…
Q: ayment made by the lessee to the lessor? A. None of the above B. If the advance payment representing…
A: A lessee is someone who rents property or land from a lessor. The lessee, sometimes known as the…
Q: What are the instances when the debtor loses the benefit of the period? Explain by giving examples…
A: When a period for the performance or fulfillment of an obligation is agreed upon, it is believed to…
Q: The following are exclusions from gross income, except Proceeds of life insurance policies.…
A: The income earned by an individual before any deductions and allowances is considered Gross Income.
Q: Which of the following statements is false? Group of answer choices A.Prepaid expenses are fully…
A: Prepaid expenses are expenses which are paid in advance but accrued in the business after an…
Q: 2. When two or more policies cover the same loss, the right of the one insurer to call upon the…
A: The following are some of the Principles of Insurance Principle of Contribution Principle…
Q: Life insurance premiums paid by the company on its officers and employees are considered permanent…
A: Life insurance is a contract between the two parties like the corporation or the individual and an…
Q: Company
A: Insurance is defined as a financial arrangement between the insured & the insurance company…
Q: Which of the following transactions would not result in a temporary difference between pretax…
A: Correct option is D. Payment of premiums for life insurance
Q: Which if the following is not an inclusion in gross income?
A: Gross income is an income from all sources including returns , discounts and…
Q: The following are excluded from gross income, except: a. Proceeds of life insurance policy received…
A: Gross Income Gross income refers to the income of an individual which comprises income from wages…
Q: 5. Which of the following actions showcases the principle of "uberrima fides"? O A. Lying about…
A: Uberrima fides is a Latin word which means "utmost good faith".
Q: is taxable? A. Proceeds of life insurance received by heirs B. Excess amount received over…
A: Taxable income: Taxable income is the income which are subject to payment of taxes. Therefore, any…
Q: Taxpayers can deduct a nonbusiness bad debt beginning in the year it is deemed partially worthless.…
A: If a debt relating to a company or occupation has been irrecoverable in the previous financial year,…
Q: life insurance proceeds paid to a beneficiary because of the insured's death is taxable. true or…
A: False
Q: FHA-insured loans insure lenders against a. decline in real estate values. b. loss due to…
A: Federal Housing Administration loan or FHA loan is defined as the mortgage, which is insured through…
Q: Which of the following is considered or construed as an example of "constructive receipt"?
A: GIVEN the following is considered or construed as an example of "constructive receipt" is
Q: (Based on Appendix 12A) Whole-life insurance policies typically can be surrendered while the insured…
A: Cash surrender value: Companies purchase whole-life insurance policies on the lives of the key…
Q: Which of the following does not have a legitimate insurable interest? A) An individual on the life…
A: Insurable interest is a key component in insurance which basically ensures that insured person…
Q: 5. Identify the following items as creating a temporary difference, permanent difference, or no…
A: Permanent difference is the difference between the tax and the book value of revenue or expense…
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- 10. ________principle means that the insured is not entitled to make a profit on his loss: a. subrogation b causa proxima c. indemnity d. uberrima fides 11. The purpose of _______ are to hold the negligent person responsible for the loss and prevent the insured from collecting twice for the same loss. a. subrogation b causa proxima c. indemnity d. uberrima fides 12. _________principle in insurance mention the cause of loss must be direct and an insured one in order to claim for compensation. a. subrogation b causa proxima c. indemnity d. uberrima fides. 13. _________ principle in insurance mention the assured must have insurable interest in the life or property insured? a. subrogation b causa proxima c. indemnity d. insurable interestStatement 1: If an insured outlived his policy and received from the insurance company an amount equivalent to the total premiums paid, such amount is taxable. Statement 2: If the insured dies and the beneficiary receives payment from the insurance company, the amount received in excess of the total premiums paid shall be taxable. A. Both statements are true B. Both statements are false C. Only statement 1 is true D. Only statement 2 is true1. S1: Maker Co, a manufacture and dealer of household appliances, agrees to indemnify a customer of any loss or damage that the customer may sustain from the use of purchase appliance. The contract to indemnify the customer in case of loss event is accounted for under PFRS 15. S2: Under insurance contract, the party that has a right to compensation if the insured event occurs is referred to as the policyholder. Only S1 is correct. Both statements are correct Only S2 is correct. Both statements are incorrect. 2. It is the change in the relation of the partners caused by any partner being disassociated from the business. Dissolution Formation Liquidation Operations 3. If the promise to grant a license is distinct and that the license provides the customer the “right to access” the entity’s intellectual property, how is revenue recognized from the initial fee in the contract? in full when the initial services to setup the contract are substantially performed deferred and…
- 3- Which of the following is an arrangement by which one party promises to pay a sum of money to policyholder as protection against an adverse or unfavorable occurrence of event? a. Investment b. Fixed Deposit c. Insurance d. Short Term Loans3326 J requests insurance on a neighbor's home in his own name. The insurance producer explains that such a policy also would violate the principle of: a. subrogation b. assignment c. warranty d. insurable interest 3330 Which of the following actions represents consideration in an insurance contract? a. paying the premium b. filing a claim c. missing the policy d. endorsing a policyWhich of the following indemnity or award is gross income? * a. Indemnity received for injuries sustained. b. Money awarded by the court to the winning party for his claim of moral damages against the other party. c. Indemnity for lost/unpaid salaries d. None of the above
- 6. Which of the following statements is true?a. No loss contingencies should be disclosed if there is just a reasonable possibility of a loss.b. Indirect guarantees should normally be accrued.c. Losses may be accrued for unasserted claims and other potential unfiled lawsuits.d. In the case of loss contingencies, accrual can be made even if the exact payee and payment date are not3330 Which of the following actions represents consideration in an insurance contract? a. paying the premium b. filing a claim c. missing the policy d. endorsing a policy1. S1: Insurance service result is recognized in other comprehensive income. S2: Principle of Subrogation is the legal principle that precludes you from obtaining fire insurance on your neighbor’s house with you as the beneficiary. A.Both statements are correct B. Both statements are incorrect C. Only S1 is incorrect D. Only S1 is correct 2. which of the following is not one of the groupings of insurance contracts under pfrs 17? A. those that are onerous at initial recognition B. those that pay premiums at initial recognition which are to be measured using the simplified approach C. those that, at initial recognition, have no significant possibility of becoming onerous in subsequent periods D. those that are not onerous at initial recognition but can become onerous in subsequent periods
- (Based on Appendix 12A) Whole-life insurance policies typically can be surrendered while the insured is stillalive in exchange for a determinable amount of money called the cash surrender value. When a company buysa life insurance policy on the life of a key officer to protect the company against the untimely loss of a valuableresource in the event the officer dies, how should the company account for the cash surrender value?41.Which of the following shall be taken into consideration when measuring and recognizing impairment loss on receivables?A. Past experiences on the collectability of the receivablesB. Present condition of the debtor, including the present economic environmentC. Future expectations based on information that are available without undue cost and effort a. A, B and C b. A and B only c. A only d. B onlyWhich of the following is the main objective of P2P insurance O a. Less Fraudulent Claims O b. Discount in Premium or a Dividend O c. Shared Responsibility O d. No middlemen