The Agent or Broker Receive a Normal Level of Sales

question 73

True/False

The agent or broker receive a normal level of sales commission on no-load and low-load annuities and the commission is deducted directly from the contributions.

Distinguish between cash basis and accrual basis of accounting.

Understand the role and function of special journals in the accounting cycle.

Apply the rules for revenue and expense recognition under the accrual basis.

Distinguish between permanent and temporary accounts and their roles in the accounting cycle.

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