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At COMET Insurance Company begins processing casualty claims when the claims department receive a notice of loss from a claimant. The claims department prepares and sends the claimant four copies of proof-of-loss form on which the claimant must detail the cause, amount, and other aspects of the loss. The claims department also initiates a record of claim, which is sent with the notice of loss to data processing department, where it is fled by claim number. The claimant must fill out the proof-of-loss forms with an adjuster's assistance. The adjuster must concur with the claimant on the estimated amount of loss. The claimant and adjuster each keep one copy of the proof-of-loss form. The adjustor files his copy numerically. The adjustor sends the first two copies to the claims department, confirming the estimates on the claimant's proof-of-loss. The claims department authorizes a payment to the claimant, forward a copy of the proof-of-loss form to data processing, and files the original proof-of-loss form and the adjuster's report alphabetically. The data processing department prepares payment checks and mails them to the customers, files of proof-of-loss form with the claim record, and prepares a list of cash disbursement, which it transmits to the accounting department where it is reviewed.
In 2009, Osgood Corporation purchased $4 million in ten-year municipal bonds at face value. On December 31, 2011, the bonds had a market value of $3,600,000 and Osgood reclassified the bonds from held to maturity to trading securities.
Company policy requires that ending inventories for each month be 15% of next month's sales. At the beginning of April, the beginning inventory of mats met that policy.
Which one is not a technique of earnings management?
materiality is a concept that can be applied quantitatively or qualitatively. in essene it is a concept used to ensure
Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500.
power grid engineering associates inc. provides consulting services to commercial electric utilities. the consulting
Effect of Order Quantity on Special Order Decision - Awtrey Quilting Company makes blankets that it markets through a variety of department stores. It makes the blankets in batches of 1,000 units. Awtrey made 20,000 blankets during the prior accoun..
respond to the following ethical issue concerning the reclassification of receivables in your initial postmoss exports
what role to you feel the taxation of business entities should play in supporting the revenue needs social and economic
Differentiate the accrual basis of accounting from the cash-basis of accounting. Determine which method is acceptable for most business enterprises and justify your selection.
an important purpose of the auditors review of the clients procurement system should be to determine the effectiveness
identify and evaluate the issues related to the internally created software for HouseRaising. Discuss the potential problems related to the capitalization of internally created software and the requirements for capitalization under GAAP.
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