Answer:
1. Jake can easily determine that the price of the computer is more than the price of the vacation. ⇒ UNIT OF ACCOUNT
2. Jake has $1,574 in his checking account. ⇒ STORE OF VALUE
3. Jake writes a check for $1,299. ⇒ MEDIUM OF EXCHANGE
Explanation:
The four functions of money are:
- unit of account: since money is a common denominator, it helps to assign value to different goods and services.
- store of value: you can save money in order to purchase gods and services in the future.
- medium of exchange: you can purchase and sell goods and services using. money
- standard of deferred payment: money allows loans that require future payments of both principal and interest.
Answer:
a) $2000
b) $1,886.7925
C) $2,036.7925
Explanation:
First, the question states to determine the expected claim cost per policy
Expected Claim Cost represents the fund required to be paid by an insurer for a particular contract or a group of contracts as the case maybe. This is usually based on the policy taken.
A) Expected Claim Cost per policy
= (Policy Loss Value A x its probability) + (Policy Loss Value B x its probability) + (Policy Loss Value C x its probability)+(Policy Loss Value D x its probability)+ (Policy Loss Value E x its probability)
= ( (100000 x 0.005 )+ (60000 x 0.010) + (20000 x 0.02) + (10000 x 0.05) + 0 = $2000
Part B: discounted expected claim cost per policy
Since, the sum of $2000 is expected to be paid by the insurer by the end of the year, the interest to be earned based on the rate (discounting used)
=$2,000 ÷ (1 + 0.06)
= $1,886.7925
Part C:: Determine the Fair Premium
Fair Premium is calculated as follows
The discounted policy claim cost + the Processing Cost per application + The fair profit loading
= $1,886.7925+ $100+50 = $2,036.7925
Answer:
don't know about Nepal but a lot of scope in india
Business ethics is possible and it can be fully practiced by a person who is hard core successful businessman.
Explanation:
- Ethics is a philosophical science of understanding human behavior from all the aspects and differentiating between right and wrong.
- Business or corporate ethics deals with ethical and moral challenges faced in a business environment. It can be also defined as a set of principles or values decided by the organization's culture.
- Functioning is an important element in any of the business undertaken. And the functioning of these corporate ethics in a way which are personal, professional and corporate helps one to achieve success in business.
- It is mandatory to follow business ethics as they have a potential impact on the organization.
- Following business ethics helps one to achieve their goal in a defined and polished manner
Answer:
1st copyright will not be reported on balance sheet.
2nd copyright will be reported on balance sheet.
Dr Copyright (Intangible Asset) $34,000
Cr Cash $34,000
Explanation:
<u>1st Copyright</u>
If an intangible asset is internally generated, none of its costs are capitalized.
<u>2nd Copyright</u>
Acquired copyright is reported on balance sheet as an intangible asset. Company may include only outright purchase costs in the acquisition cost of an intangible asset; the acquisition cost does not include cost of internal development.
Only recognized intangible assets with finite useful lives are amortized. Recognized intangible assets having indefinite useful lives are not amortized.
