Some questions regarding accounting.... can someone please help!?
Some questions regarding accounting.... can someone please help!?
I have an hw assignment due on Thursday and can't find these answers anywhere since hte packet we got has like over 100 pages... can someone please help me with these accounting questions?
1) what is the journal entry made to record accrual for the Insurance Receivable [aggregate entry]?
2) What are 3 major areas that contribute to the determination of accrual the company must make for estimates regarding litigation?
If someone can help me with these, I'd greatly appreciate it. Thanks
Answers:
Chosen Answer
Sandy: 1) What's insurance receivable? You mean the premiums or the claims? I assume it's premiums Dr Insurance premiums receivable xxx Cr Insurance premium revenue xxx 2) What are 3 major areas that contribute to the determination of accrual the company must make for estimates regarding litigation? An enterprise must recognise a provision if, and only if: [IAS 37.14] - a present obligation (legal or constructive) has arisen as a result of a past event (the obligating event), - payment is probable ('more likely than not'), and - the amount can be estimated reliably.
2008-04-22 21:52:28
Sandy: 1) What's insurance receivable? You mean the premiums or the claims? I assume it's premiums Dr Insurance premiums receivable xxx Cr Insurance premium revenue xxx 2) What are 3 major areas that contribute to the determination of accrual the company must make for estimates regarding litigation? An enterprise must recognise a provision if, and only if: [IAS 37.14] - a present obligation (legal or constructive) has arisen as a result of a past event (the obligating event), - payment is probable ('more likely than not'), and - the amount can be estimated reliably.
2008-04-22 21:52:28