There Have Been Three Major Types of Changes in the Insurance

question 21

Multiple Choice

There have been three major types of changes in the insurance industry in the past two decades. Which of the below is ONE of these?

• A) internationalization of the insurance industry
• B) deregulation of the accounting system
• C) regulation of the accounting system
• D) naturalization

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Definitions:

Standard Price

A predetermined cost that companies use to value inventory and cost of goods sold, often used in budgeting and performance evaluation.

Actual Price

The real or market price at which an asset or service is bought or sold.

Materials Price Variance

Materials price variance is the difference between the actual cost of materials used in production and the expected (or standard) cost, indicating efficient materials purchasing.

AQ × AP

Represents the multiplication of the Actual Quantity (AQ) by the Actual Price (AP), often used in financial and operational analyses.