Accrual of a claim - Study guides, Class notes & Summaries

According to GASB 10, list the types of risk - Torts Theft of damage to, or destruction of assets Business interuption Errors or omissions Job-related illnesses or injuries to employees Acts of God Any other risk of loss assumed under a policy or participation contract issued by a public entity risk pool Risk of loss resulting when an entity agrees to provide accident and health, dental, and other medical benefits to its employees. What are the two ways to mange risk? - Manage an organ...

NASCLA Contractor's Guide To Business, Law, And Project Management, Florida 1st Edition Test Questions And Answers, Latest Update 2024/2025 (GRADED) Which of the following bonds guarantees that the contractor has paid the subcontractor? A. Bid bond B. Performance bond C. Payment bond D. James bond - Correct Answer-Payment Bond 2. The _____________ method recognizes income when the employer has done the work, yet has not received the income. NASCLA Contractor's Guide To Business, Law, ...

Accelerated Depreciation Methods - Correct Ans-Depreciation methods that recognize more depreciation expense in the early years and less in the later years. Double-declining balance is an example of an accelerated depreciation method. Accounting Equation - Correct Ans-Assets = Liabilities + Owners' Equity. This equation is fundamental and must always be true in double entry accounting. Accounting Period - Correct Ans-The period of time for which the financial results are reported; typic...

CMCA - M100 Community Association Management Test Guide Exam with 100% Correct Answers 55 and older community - CORRECT ANSWER-Must have one person who is 55 years of age or older living in at least 80% of its occupied units. The community must be designated "55 and older" to qualify as this type of housing that legally prohibits children and limits occupancy to a certain age span. The designation process involves submitting applications and obtaining approval before any enforceme...

The _____ method recognizes income when the employer has done the work but has not received the income. A. Accrual B. Appreciation C. Depreciation D. Cash - Correct Answer-A. Accrual 13-7 A _____ bundles all cost factors for entire task. A. Lump sum B. Cost plus C. Percent completion method D. Unit price method - Correct Answer-D. Unit price method NASCLA Business, Law and Project Management, Test 2 Questions With 100% Correct Answers | Latest Update 2024/2025 | Graded pg. 2 profe...

1. What are the 4 main financial statements : 1. Statement of operations 2. Balance sheet 3. Statement of retained earnings 4. Statement of comprehensive income 2. What is the accrual basis of accounting? : Every business transaction is recorded in the accounting period (or periods) to which it belongs. Revenue and expenses are matched to the appropriate accounting period. (A claim could possibly occur outside the policy period, so it needs to be recorded inside the policy period if ...

CPPM Practice Exam Review Questions and Answers 100% Already Graded A+ Excel Which of the following scenarios is appropriate incident-to billing? - CORRECT ANSWER-D. A physician's assistant at an OB/GYN practice sees patients for their follow up OB appointments while the physician sees new OB patients in the office. In the practice you manage, the medical assistants are responsible for preparing the patients for the physician. The medical assistants place a green folder in the door so the...

Individual Income Tax Formula - Gross income (-) Deductions for AGI = AGI (-) 1) Deductions from AGI (greater of itemized or standard deduction) and 2) The deduction for QBI = Taxable Income x Tax rate = Gross tax liability (-) Tax credits and prepayments = Tax due or refund Gross Income (section 61) - all income from whatever source derived, whether money, property, or services Taxpayers recongize income when: - 1) receiving economic benefit 2) realizing income 3) there is n...

Adjuster Pro Exam 2024 Questions and Answers John is doing some lawn maintenance using a steel blade on his weed-whacker. He fails to properly tighten the blade and it comes loose while he is trimming some tall grass at the edge of his property. The blade flies off towards his neighbor's house and crashes into the HVAC unit, severing the lines and effectively destroying the unit. Which coverage in John's homeowners policy might pay for the damage he caused to his neighbor's HVAC system?...

What are 4 main financial statements : Statement of operations Balance sheet Statement of retained earnings Statement of comprehensive income What is the accrual basis of accounting? : Every business transaction is recorded in the accounting period (or periods) to which it belongs. Revenue and expenses are matched to the appropriate accounting period. What is the difference between a fiscal year and a calendar year? : Fiscal = any 12 month period Calendar = Jan-Dec What are 5 basic...