Admitted Assets Are Those Specifically Prescribed by the NAIC Accounting

question 146

Multiple Choice

Admitted assets are those specifically prescribed by the NAIC Accounting Practices and Procedures Manual or prescribed or permitted by the various jurisdictions. An admitted asset is defined as having probable future economic benefits. It also has three essential characteristics. Which one of the following is out of those characteristics?

• A) It embodies a probable future benefit which contributes to cash flow
• B) A particular entity can obtain this benefit
• C) The transaction giving rise to entity's right to control the benefit has already occurred
• D) All of these

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Definitions:

Tuning Fork

A tool made of metal with two prongs, used primarily to produce a specific tone or pitch for tuning musical instruments, as well as for auditory testing and in healing practices.

Retinal Fixation

The ability of the eyes to maintain visual focus on a single point or object, crucial for a stable and clear visual perception.

Auditory Nerve

A cranial nerve that transmits auditory information from the inner ear to the brain.

Anterior Uveitis

Inflammation of the uvea, specifically the iris and ciliary body in the front part of the eye, which can cause redness, pain, light sensitivity, and blurred vision.