Answer:
C. Egoism
Explanation:
Egoism refers to the individual belief whereby self interest is the motivation and goal behind one's action. It has to do with and individual thinking about only himself and what actions he can take to benefit himself alone. Egoism threats self interest as the foundation of morality. But in reality however, egoism is immoral as one possessing such thoughts is not been fair to others. Thus, egoism does not focus on the wellbeing of others. It is all about self interests.
Answer:
The asset will be decreased by $165.
Explanation:
The entry to replenish the petty cash account will decrease assets - cash by $165, increase miscellaneous expenses by $160 and increase cash shortage by $5. Total equity will decrease by $165.
Answer:
a. revenue (R), affecting owner's investment (I)
b. not affecting owner's equity (NOE)
c. expense (E) and affecting owner's investment (I)
Explanation:
Revenues and Expense form Profits which are included in the statement of changes in equity through the Retained Income line item, thus these two also affect owners investment.
Answer:
Contribution act of settling claims will be used
Explanation:
The contribution which is one of the principles in insurance business means when two insurance company comes together to settle a claim on a subject matter they insured in common, according to the extent of peril covered under each policy.
In this case where the both policy from the two insurance company covers the same extent under the health insurance, they are going to share the claim amount equally (i.e. 50:50)
Say the total benefit to be paid as a result of permanent disability is $50000, in this scenario, Insurance company A will pay $25000 and Company B will also pay $25000. This is because both policies cover the insured with the same benefit and conditions.