If your driver license is suspended for too many points, we need to show a <u>proof of liability </u><u>insurance</u>.
What do you mean by insurance?
<u>Managing your risk is possible with </u><u>insurance</u><u>. The protection against unforeseen financial losses you </u><u>purchase</u><u> when you </u><u>purchase</u><u> </u><u>insurance</u>. If something bad happens to you, the insurance company pays you or a person of your choice. If you don't have insurance and an accident occurs, you can be liable for all expenses.
<u>An </u><u>insurance</u><u> policy is a binding agreement between the insurance provider (the insurer) and the individual(s), firm, or other entity being </u><u>insured</u><u> (the </u><u>insured</u><u>)</u>. Reading your policy enables you to make sure that it addresses your needs and that you are aware of both your own and the insurance provider's obligations in the event of a loss.
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Using the accrual method, the unearned revenue as of December 31 is $12,000.
<h3>What is Unearned revenue?</h3>
Unearned revenue can be defined as the amount a company received from their client for the service they are yet too rendered.
Since the company has received full balance for the services not yet provided. The unearned revenue as of December 31 will be $12,000.
Reason been that the amount that the client paid the company is for a year-long contract, hence the $12,000 represent a prepayment amount for the service the company is yet too rendered to their client
Thus, using the accrual method, the unearned revenue as of December 31 is $12,000.
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