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Question
statutory accounting has emphasized the balance sheet in its concern for protecting the policyholders by focusing on the financial solvency of the insurance corporation.
Answer
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personal financial statements predominately use historical cost information.
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the interest rate that is assumed to be earned on pension funds can have a material influence on the pension expense and the pension liability. the higher the rate of interest assumed to be earned on pension funds, the higher the pension expense and the higher the pension liability.
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which of the following is not a purpose of the statement of cash flows? a. to show cash flow from operations b. to show cash flow from financing activities c. to show cash flow from investing activities d. to show all investing and financing transactions e. to show operating expenses for a period of time
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the statement of cash flows was added as a required financial statement to overcome deficiencies of the income statement and balance sheet. required: briefly describe the purpose of each of these three financial statements. indicate in your answer how the statement of cash flows helped overcome the shortcomings of the other two statements.
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sale of equipment for cash is an operating activity.
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the purchase of equipment using cash is an investing activity.
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cash flow per share is usually higher than earnings per share.
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the operating cash flow/total debt ratio is one that indicates a firm's ability to meet its current maturities of debt.
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within an individual account, there may be an explanation of both a source and a use of cash.
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the statement of cash flows is presented on a working capital basis.
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depreciation expense reduces operating income but does not require the use of cash.
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the income statement does not fairly represent the cash from operations.
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the statement of cash flows became a required statement in which year? a. 1995 b. 1978 c. 1971 d. 1987 e. 1993
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deferred policy acquisition costs represent the cost of obtaining policies. under statutory accounting practices, these costs are charged to expense as they are incurred.
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for insurance companies, unrealized gains and losses, not recognized on the income statement, will be recorded in the account accumulated other comprehensive income.
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the regulated utility is building into the cost base an amount for an assumed rate of return on equity funds by increasing the balance sheet account (construction work in progress) for an assumed rate of return on equity funds.
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electric utilities that have substantial construction work in progress are usually viewed as being less risky investments than electric utilities that do not have substantial construction work in progress.
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a basic issue, still unresolved, relates to whether oil and gas exploration cost should be expensed or capitalized.
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large oil and gas companies tend to select a variation of the full-cost method to account for exploration and production costs.
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equity capital to total assets for a bank is a measure of leverage.
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the loan loss coverage ratio is computed by dividing the provision for loans by net loans.
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there are basically four types of insurance organizations. which of the following is not one of these four types? a. group b. stock companies c. mutual companies d. fraternal benefit societies e. assessment companies