Smith Owned a Concrete Block Building Valued at $200,000

question 38

True/False

Smith owned a concrete block building valued at $200,000.Because it was virtually fireproof,he insured it for only $100,000 under a policy of insurance,which contained an 80 percent co-insurance clause.Some time later,the building was damaged by fire.
-Smith's failure to disclose the true value of the property to the insurer is misrepresentation,and would allow the insurer to avoid paying anything to Smith when the loss occurred.

Understand how business transactions affect financial statements.

Analyze and correct errors in trial balances and accounting records.

Understand the setup and use of T-accounts in recording transactions.

Prepare basic financial statements: income statement, statement of retained earnings, and balance sheet.

---

Definitions:

Team Empowerment

The process of giving teams autonomy, resources, and capabilities to make decisions and execute tasks in achieving organizational goals.

Dimension

An aspect or feature of a situation, problem, or thing, often used to consider or measure its various facets.

Meaningfulness

The significance or value that an individual attaches to something, often related to how much it resonates with their values and beliefs.

Team Development

The process of enhancing the effectiveness, cohesion, and performance of a work group through various strategies and stages of growth.