Insurance: set 1

At the start of the year, a company prepaid one year of insurance on its building. Under paragraphs 155–156 of NAS No. 21, in which group of accounts may this expense relating to future periods be recorded?

According to the examples in NAS No. 21, insurance payments received from insurance companies under property insurance are credited to which income account?

An accrued insurance payment was transferred to the insurance company from the settlement account. What journal entry is made?

An insurance payment related to main production was accrued. Under NAS No. 21, what journal entry is made?

Under paragraph 2 of NAS No. 1 ("Presentation of Financial Statements and Accounting Policies"), to which organisations does this standard not apply?

A warehouse with an actual value of 100 000 000 soums is insured for 60 000 000 soums, and the contract provides for a proportional liability system. The loss is 20 000 000 soums. How much is the insurance payment?

The contract sets a conditional deductible of 3 000 000 soums. The loss was 5 000 000 soums. How much does the insurer pay?

A bakery's insurance contract for its tandoor oven sets an unconditional deductible of 1 500 000 soums. In an insured event the loss was 9 000 000 soums. How much does the insurer pay?

At the start of the year a cafe paid 12 000 000 soums in advance for one year's insurance of its building and recorded it in the prepaid expenses account (3100). The amount is expensed in equal monthly portions. What is the balance in 3100 after 4 months?

A debt to an insurance company was paid from the company's funds in a letter of credit. What journal entry is made?