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Accounting conservatism is a principle that requires company accounts to be prepared with caution and high degrees of verification. All probable losses are recorded when they are discovered, while gains can only be registered when they are fully realized. The principle of conservatism means that a company shoul · record for the anticipated losses and expenses · but do not record the anticipated profits or gains As such, Provision for Doubtful debt is based on recording anticipated losses. The debtors have not defaulted yet, but if you are anticipating a default in the future, record it as an expense now.
The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to __...
What is NOT an element of an insurance contract?
What is NOT a common express condition in an insurance policy?
How many public sector life insurance companies are functional in India?
A term policy that can be converted to permanent coverage rather than expiring on a specific date is called _________.
Percentage of each premium rupee that goes to insurers expenses including overhead, marketing and commissions is called ____.
Any insurance risk resulting from a human decision is called?
A type of insurance often used for high frequency low severity risks where risk is not transferred to an insurance company but retained and accounted f...
What is the abbreviation of ADB in insurance?
What is the maximum sum assured in life micro insurance product?