Problem 3.6[4 Points] Financial Accounting The Contractual Service Margin in insurance contracts is: a) Recognized immediately as profit b) Released over the coverage period c) Added to insurance liability d) Expensed as incurred

1. The significant risk that is transferred from the policyholder to the issuer of an insurance contract is:a. Lapse or persistency riskb. Financial riskc. Expense riskd. Insurance risk2. Under the general model of PFRS 17, a group of insurance contracts is initially measured at:a. The fulfillment cash flowsb. The contractual service marginc. Either a or bd. Both a and b3. A group of insurance contracts is subsequently measured at:a. The liability for remaining coverageb. The liability for incurred claimsc. Either a or bd. Both a and b4. According to PFRS 17, an insurance contract is NOT derecognized when:a. Expiredb. Terms have been modified, and the modification is not substantivec. Terms have been modified, and the modification is substantived. Extinguished5. According to PFRS 17, an accounting service result is recognized in:a. Profit or lossb. Other comprehensive incomec. Statement of financial positiond. Partly in profit or loss, and partly in other comprehensive incomeUse the…

7 What are utilities, property taxes, and insurance all examples of? A O Contract contingencies. Terms of sale. Operating expenses. D Income projections.

8. What type of account is "Prepaid Insurance"? ⚫ a) Expense . ⚫ b) Liability . . c) Asset d) Revenue

The company selling the insurance policy is the _________________. a. Insurer b. Policy c. Premium d. Insured

29 When a liability is paid, which account should be credited? A, Cash B.Accounts payable C. Expense D. Accounts receivable

2. Which of the following best describes the accounting for assurance-type warranty costs? * 1 point a. Expensed when paid. b. Expensed when warranty claims are certain. c. Expensed based on estimate in year of sale. d. Expensed when incurred.

Chapter 10, Question 16: What are contingent liabilities? List three examples of contingent liabilities. When should contingent li-abilities be recorded in the accounts?

Unamortized debt premium should be reported on the balance sheet of the insurer as a  Group of answer choices direct addition to the face amount of the debt deduction from the issue costs deferred credit direct addition to the present value of the debt

Which of the following creates a taxable temporary- difference?  I. Prepaid expenseII. Estimated liabilities Ill. Unearned incomeIV. Installment receivable Choices: I, II, and IV II and IV I, II and III I and IV