Insurance contracts are known as conditional contracts because certain future conditions or acts must occur before any claims can be paid. In this case, the insurance contracts are conditional because the policy holder must follow their requirements such as paying for the policy before the insurance company does their end of the contract. If you do not pay for your insurance policy, the insurance company is not responsible for coverage.
Answer:
b) cash 1000
account receivable 1000
Explanation:
Since in the question it is given that the company received payment from one of his customers on August 5 for the service performed on July 21
So under the accrual basis accounting, the journal entry is as follows
Cash Dr $1,000
To Account receivable $1,000
(Being the payment received is recorded)
While debiting the cash and credited the account receivable
If*
First of all, you should tell your bank manager or the local authorities about your suspicion. Go into detail about what has happened.
Answer:
The correct answer here is Cash basis.
Explanation:
One of the methods of recording accounting transactions for income and expenses is cash basis accounting , where the transactions are only recorded when income is received in cash or expenses are paid in cash. This accounting method is not accepted by GAAP (Generally accepted accounting principle ) and IFRS ( International financial reporting standards ) because this method violates the income ( revenue ) and expense recognition principle.
The measure that American governments take to restrain the value of their currencies is they bought foreign reserves; extended reserve requirements for banks' sales of foreign exchange; made deposits into the Central Bank that attracted no interest.
regarded because the fitness meter of a rustic, forex reserves or forex reserves are belongings such as overseas currencies, gold reserves, treasury payments, etc retained by means of a primary financial institution or other economic authority that tests the stability payments and impacts the foreign exchange price of its foreign money and maintains.
those reserves are property like overseas currencies, gold reserves, and treasury bills, amongst other things, maintained by way of a rustic's significant bank or different economic authority, which exams the balance of bills, offers with the foreign exchange rate of currency, and continues monetary marketplace balance.
The foreign exchange markets play an important position in facilitating move-border trade, funding, and monetary transactions. these markets permit firms making transactions in foreign currencies to transform the currencies or deposits they've into the currencies or deposits they need.
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