Question
In: Accounting
Assignment Question(s): Q1. Read the following features related with types of reinsurances and identify the correct...
Assignment Question(s):
Q1. Read the following features related with types of
reinsurances and identify the correct type of reinsurance:
a) This type of reinsurance is also termed as stop loss
reinsurance.
b) In this type agreement, the policyholder is unaware about
any indemnity reinsurance transactions pertaining to original
contract.
c) This type of reinsurance is related with either retaining
all claims up to a particular and stated amount by the insurer or
retaining each risk.
d) In this type of insurance, the policyholder is required to
provide the necessary consent to releasing the ceding
company.
Q2. Structures of insurance companies’ financial statements
(income statement, balance sheet, cash flow statements) vary than
structures the non- insurance organization due to the unique
features of the insurance companies. Give a sample of the
structures for any selected Saudi insurance company’ financial
statements and explain the rational for classifying balance sheet
accounts. Write no less than 300 words (2marks)
Solutions
Expert Solution
Q.1 ans: (A)
AS THE INSURER TRANSFERS THE SOME RISK PORTION TO OTHERS, IT IS TERMED AS STOP LOSS REINSURANCE.
Q.2
ANS: SAUDI INSURANCE CO vary from the non insurers company by maintaining all claims paid & premiums received as this main business activity of insurance companies. they to reprsents the balance sheet, comprehensive income statement, cashflowstatement, statement of changes in equity & notes to accounts and they notes to accounts disclose risk of insurance they adopted.
format will be like assets first and then liabilities , income statement, includes revenue & expenses includes other equity,cashflowstatement- operating cash, investment & fianancial cash , then changes in equity statement , followed by notes to accounts
ekkarill92 answered 2 years agoRelated Solutions
Assignment Question(s): Q1- A company wants to implement good internal control. What are the policies and...
Assignment Question(s):
Q1-
A company wants to implement good internal control. What are the
policies and procedures you can suggest to minimize human frauds
and errors?
Q2-
Assume that you have a company. And the management team
estimates that 3% of sales will be uncollectible.
Give any amount of sales and prepare the journal entry using the
percent of sales method.
Q3-
A company that uses a perpetual inventory system made the
following cash purchases and sales. There was no...
Q1: . Discuss the types of contractions and its features in the first stage of labor...
Q1: . Discuss the types of contractions and its features in the
first stage of labor ?
Q2:. Describe the nursing management of a woman with postpartum
blues ?
Q3: Discuss the physical and psychological changes during
postpartum period ?
Q4: Discuss the common discomforts during pregnancy and its
management ?
Q5: Describe the possible newborn complications and its
management ?
Assignment 2 ACCT101 Assignment Question(s): &
Assignment 2 ACCT101
Assignment
Question(s):
Q1-
A company wants to implement good internal control. What are the
policies and procedures you can suggest to minimize human frauds
and errors? (1Mark)
Q2-
Assume that you have a company. And the management team
estimates that 3% of sales will be uncollectible.
Give any amount of sales and prepare the journal entry using the
percent of sales method. (1Mark)
Q3-
A company that uses a perpetual inventory system made the
following cash purchases...
Assignment Question(s): &nbs
Assignment
Question(s):
Q1-
A company wants to implement good internal control. What are the
policies and procedures you can suggest to minimize human frauds
and errors? (1Mark)
Q2-
Assume that you have a company. And the management team
estimates that 3% of sales will be uncollectible.
Give any amount of sales and prepare the journal entry using the
percent of sales method. (1Mark)
Q3-
A company that uses a perpetual inventory system made the
following cash purchases and sales. There...
Assignment Question(s): &nbs
Assignment
Question(s):
(Marks. 5)
Q2. Discuss the different methods to
account for cash discount. Support you answer with examples. (1
mark).
Answer:
Q3. During April, the following changes
in the single inventory product took place: (2 mark).
April 1
Balance
1,400 units @ $24
8
Purchased
900 units @ $36
12
Purchased
700 units @ $30
24
Purchased
400 units @ $50
10
Sold
1,500 units @ $40
26
Sold
1,700 units @ $44...
Assignment Question(s): &nbs
Assignment
Question(s):
- please use your own words don’t copy and paste (no
plagiarism)
- please use keyboard (don't use handwriting)
- All answered must be typed using Times New Roman (size 12,
double-spaced) font.
- no pictures containing text
Q1- A
A company wants to implement good internal control. What are the
policies and procedures you can suggest to minimize human frauds
and errors?
Q1-B
Assume that you have a company. And the management team
estimates that 3% of...
Assignment Question(s): &nbs
Assignment
Question(s):
Q1-
A company wants to implement good internal control. What are the
policies and procedures you can suggest to minimize human frauds
and errors? (1Mark)
Q2-
Assume that you have a company. And the management team
estimates that 3% of sales will be uncollectible.
Give any amount of sales and prepare the journal entry using the
percent of sales method. (1Mark)
Q3-
A company that uses a perpetual inventory system made the
following cash purchases and sales. There...
Assignment Question(s): &nbs
Assignment
Question(s):
Q1-
A company wants to implement good internal control. What are the
policies and procedures you can suggest to minimize human frauds
and errors? (1Mark)
Q2-
Assume that you have a company. And the management team
estimates that 3% of sales will be uncollectible.
Give any amount of sales and prepare the journal entry using the
percent of sales method. (1Mark)
Q3-
A company that uses a perpetual inventory system made the
following cash purchases and sales. There...
Assignment Question(s): &nbs
Assignment
Question(s):
Q1-
A company wants to implement good internal control. What are the
policies and procedures you can suggest to minimize human frauds
and errors? (1Mark)
Q2-
Assume that you have a company. And the management team
estimates that 3% of sales will be uncollectible.
Give any amount of sales and prepare the journal entry using the
percent of sales method. (1Mark)
Q3-
A company that uses a perpetual inventory system made the
following cash purchases and sales. There...
Assignment Question(s): &nbs
Assignment
Question(s):
Q1-
A company wants to implement good internal control. What are the
policies and procedures you can suggest to minimize human frauds
and errors? (1Mark)
Q2-
Assume that you have a company. And the management team
estimates that 3% of sales will be uncollectible.
Give any amount of sales and prepare the journal entry using the
percent of sales method. (1Mark)
Q3-
A company that uses a perpetual inventory system made the
following cash purchases and sales. There...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You just won the $87 million Ultimate Lotto jackpot. Your winnings will be paid as $2,900,000...
- Mo’men, the sandwich company, launched its first branch in 1988 as a family-run business for sandwich...
- You are an investor who bought 100 shares of a company at $35 per share with...
- Gibson Company has operating assets of $21,000,000. The company’s operating income for the most recent accounting...
- Fynn enters into a contract to sell Toby his 1999 Commodore for $3,000. During negotiations leading...
- List three places outside of Africa where sickle-cell anemia is fairly common in the indigenous population:...
- How to improve the reliability in the accounting system?
ADVERTISEMENT