Which of the Following Statement(s)is/are True

question 6

Multiple Choice

Which of the following statement(s) is/are true?

• A) In accordance with AASB 1023 premium revenue shall be recognised from attachment date as soon as there is a basis on which it can be reliably estimated.
• B) Premium revenue shall be recognised in the income statement from attachment date over the period of the contract in accordance with the pattern of the incidence of risk.
• C) Premium revenue shall be recognised in the income statement from attachment date over the period of the general insurance contract.
• D) All of the given answers.
• E) In accordance with AASB 1023 premium revenue shall be recognised from attachment date as soon as there is a basis on which it can be reliably estimated and premium revenue shall be recognised in the income statement from attachment date over the period of the contract in accordance with the pattern of the incidence of risk.

Recognize the importance and methods of internal control over cash to prevent and detect errors and fraud.

Classify and report cash and cash equivalents in financial statements according to U.S. GAAP and IFRS.

Understand the principles of recording transactions affecting cash and receivables.

Prepare and interpret a balance sheet segment related to receivables.

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Definitions:

Adducts Thigh

The action performed by muscles that move the thigh inward toward the midline of the body.

Flexes Knee

The action or movement that decreases the angle between the femur and the lower leg, typically performed by muscles like the hamstrings.

Gracilis

A long, slender muscle located in the inner thigh, involved in hip adduction and knee flexion.

Calcaneus

The large bone forming the heel of the foot, also known as the heel bone.