Insurance: set 2
10 questions. Click an option: a correct answer turns green, a wrong one red, and an explanation appears.
A liability was accrued for an insurance payment related to a new warehouse under construction (capital investment). What journal entry is made under NAS No. 21?
An advance was previously paid for insurance (4510). Now the insurance payment has been accrued, and in the final settlement the advance was offset against this liability. What is the journal entry for offsetting the advance?
A company transferred an advance payment for property insurance to an insurance company from its settlement account. What journal entry is made?
Store property with an actual value of 100 000 000 soums is insured for 60 000 000 soums, and the contract provides for the "first loss" system (a loss is covered in full within the sum insured). The loss was 20 000 000 soums. What is the insurance indemnity?
During the year an insurance company collected 500 mln soums of insurance premiums and paid out 350 mln soums of insurance claims. What is the loss ratio (claims paid / premiums collected × 100%)?
A cannery insured the common workshop building in which several product types are made, and a monthly insurance expense was accrued. Under NAS No. 21, what journal entry is made?
An insurance expense was accrued for the equipment of a plant's auxiliary workshop (repair shop). Under NAS No. 21, what journal entry is made?
The Yashil vodiy greenhouse insured its equipment for a sum insured of 80 000 000 soums. The insurance tariff in the contract is 1.5% of the sum insured. What is the insurance premium (the fee paid by the policyholder)?
A truck with an actual value of 40 000 000 soum is insured at its full value (40 000 000 soum). After an accident the truck cannot be restored, and its usable salvage was valued at 5 000 000 soum. Under the contract, loss = actual value − value of usable salvage; there is no deductible. What is the insurance indemnity?
An insurance expense was accrued for the building of a kindergarten (a service facility) on the factory's balance sheet. What journal entry is made under NAS No. 21?