Which of the Following Is (Are)included in the Common Declarations

question 3

Multiple Choice

Which of the following is (are) included in the common declarations page of a commercial package policy?
I.A description of the insured property
II.A listing of the causes-of-loss that are covered by the policy

• A)I only
• B)II only
• C)both I and II
• D)neither I nor II

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Definitions:

Materials

The raw inputs used in the manufacturing process to create a finished product.

Weighted-Average Method

A cost accounting method that calculates the cost of equivalent units of production by considering the weight of the cost of current and prior periods' goods.

Equivalent Units

A concept used in cost accounting to express the amount of work done by manufacturers in terms of fully completed units.

Materials

Items or supplies used in the production of goods, considered part of the direct costs in manufacturing.