An insurance company assigns more complex loss cases to a claims adjustor.
What is claims adjustor?
A claims adjuster looks into insurance claims to ascertain the scope of covering a business's obligation. Claims adjusters can deal with both liability claims involving third parties' property damage or personal injuries as well as property claims involving damage to structures.
The claimant is interviewed, any potential witnesses are questioned, records (including police or medical records) are checked, and any relevant property is inspected by the claims adjuster as they go through each case.
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Between 2000 and 2020, the U.S government budget deficit:
A. As a percentage of U.S GDP has increased steadily each year.
<h3>What is a Budget Deficit?</h3>
A budget deficit is typically the difference between all receipts and expenses in both revenue and capital account of the government. It occurs when expenditure exceeds revenue.
Between 2000 and 2020, the U.S government has seen a steady increase in the budget deficit each year.
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An asset is credited
an asset is debited
Answer:
The correct answer is letter "C": The adjusting entry for deferred revenues increases revenues and decreases liabilities
Explanation:
Deferred Revenue is accrued payments that a corporation collects for goods or services that it has not yet produced or dispatched. Another term for deferred revenue is unearned revenue. Whereas normal payments for goods or services are recorded as revenue on the company's Income Statement, deferred revenue is recorded as a liability until the product is shipped.
For accounting purposes, <em>the adjusting entry for the deferred revenue by increasing an asset account (cash) with a debit and by increasing a liability account (unearned revenue) with a credit.</em>
