With respect to Insurance Accounting, what is the appropriate adjustment entry based on the provided information?
A) Claims intimated and accepted but not paid account Dr.
To Claims account Cr.
To Claims intimated but not accepted and paid account Cr.
B) Claims account Dr.
To Claims intimated but not accepted and paid account Cr.
To Claims intimated and accepted but not paid account Cr.
C) Claims intimated but not accepted and paid account Dr.
To Claims account Cr.
To Claims intimated and accepted but not paid account Cr.
D) Claims intimated and accepted but not paid account Dr.
To Claims intimated but not accepted and paid account Cr.
To Claims account Cr.
Claims account Dr. To Claims intimated but not accepted and paid account Cr. To Claims intimated and accepted but not paid account Cr. Explanation: The appropriate adjustment entry, as per option B), is to debit the "Claims account," credit the "Claims intimated but not accepted and paid account," and credit the "Claims intimated and accepted but not paid account." This reflects the movement of amounts from the "Claims account" to the two specified accounts. This approach ensures accurate accounting for claims that have been intimated and accepted but not yet paid, as well as claims that have been intimated but not accepted and paid.
If the exchange rate of some economy depreciates vis−a−vis US $ and if the Marshal Lerner condition is satisfied, then the current account deficit o...
A two-person zero-sum game means that the
GNP exceeds NNP by:
Claudia would be willing to pay as much as $100 per week to have her house cleaned. John's opportunity cost of cleaning Claudia’s house is $70 per...
An oil exploration company intends to drill an exploratory well in each of two geologically unrelated regions A and B. If the probability of f...
In a two variable linear regression model, four X and Y values were given and value of F statistic needs to be calculated. Regression equation of X on Y...
Suppose that the exchange rate of the Indian rupee appreciates by 10 per cent relative to the currencies of India’s trading partners. Over the same pe...
A society in which there was garbage collection problem. But there was voluntary problem of payment so some people would participate and some wouldn’t...
Let the correlation coefficient between X and Y be 0.6. Random variables Z and W are defined as Z=X+5 and W=Y/3. What is the correlation coefficient bet...
“ All Giffen goods are inferior, but all inferior goods are not Giffen”. The statement is