Under AASB 1023,the Revenue from the Premium for a General

question 1

Multiple Choice

Under AASB 1023,the revenue from the premium for a general insurance policy should be recorded as earned:

• A) when the policy is signed by both parties
• B) from the attachment date, allocated to the reporting periods to which the premium relates
• C) on the attachment date, when the insurer accepts the risk
• D) when the premium is paid in full by the insured

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Definitions:

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