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Most often an insurance deductible must be fulfilled

a. When sharing the cost of a payout

b. Before insurance payouts begin

c. When signing up for an insurance plan

d. After a company has paid a claim

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Jarrod Robel
Jarrod RobelLv2
12 Feb 2020

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Related questions

When auditing prepaid insurance:

A) for many audits, significant substantive procedures are needed if the control risk is low.

B) companies often have a standard monthly journal entry to reclassify prepaid insurance as insurance expense.

C) the emphasis in the tests of details of balances is on insurance expense.

D) the auditor must prepare the insurance register.

Auditors usually test cost accounting records as part of the

A) acquisition tests.

B) payroll tests.

C) sales tests.

D) All of the above are correct.

NEED ANSWERS ASAP

Question 23

If a resource has been consumed but a bill hasnot been received at the end of the accountingperiod, then

an expense should be recorded when the bill is received.

an expense should be recorded when the cash is paid out.

an adjusting entry should be made recognizing the expense.

it is optional whether to record the expense before the bill isreceived.

3 points

Question 24

Prepaid expenses are

paid and recorded in an asset account before they are used orconsumed.

paid and recorded in an asset account after they are used orconsumed.

incurred but not yet paid or recorded.

incurred and already paid or recorded.

3 points

Question 25

If a business has received cash in advance of services performedand credits a liability account, the adjusting entry needed afterthe services are performed will be

debit Unearned Service Revenue and credit Cash.

debit Unearned Service Revenue and credit Service Revenue.

debit Unearned Service Revenue and credit Prepaid Expense.

debit Unearned Service Revenue and credit AccountsReceivable.

3 points

Question 26

The preparation of adjusting entries is

straight forward because the accounts that need adjustment willbe out of balance.

often an involved process requiring the skills of aprofessional.

only required for accounts that do not have a normalbalance.

optional when financial statements are prepared.

3 points

Question 27

On January 1 of the current year, Doolittle Company purchasedfurniture for $7,560. The company expects to use the furniture for3 years. The asset has no salvage value. The book value of thefurniture at December 31of this year is

$0.

$2,520.

$5,040.

$7,560.

3 points

Question 28

Husker Du Supplies Inc. purchased a 12-month insurance policy onMarch 1 of the current year for $1,800. At March 31, the adjustingjournal entry to record expiration of this asset will include a

debit to Prepaid Insurance and a credit to Cash for $1,800.

debit to Prepaid Insurance and a credit to Insurance Expense for$200.

debit to Insurance Expense and a credit to Prepaid Insurance for$150.

debit to Insurance Expense and a credit to Cash for $150.

Mike is 45 and made $36,000 in wages in 2016. He is single andpays all the cost of keeping up his home. Mike's daughter,Brittany, lived with Mike all year. Brittany's son, Hayden, wasborn in November 2016. Hayden lived in Mike's home since birth.Brittany is 18, single, and had $1,700 in wages in 2016. Mikeprovides more than half of the support for both Brittany andHayden. Mike, Brittany, and Hayden are all U.S. citizens with validSocial Security numbers. Mike and Hayden had health insurance thatqualified as minimum essential coverage. Brittany did not havehealth insurance at all in 2016.

1. Who can Mike claim as a qualifying child(ren) for the earnedincome credit?

A. Mike has no qualifying children.

B. Mike can claim Brittany, but not Hayden.

C. Mike can claim Hayden, but not Brittany.

D. Mike can claim both Brittany and Hayden.

2. Brittany did not have health insurance at all in 2016. Howdoes this affect Mike’s return?

A. There is no effect because Mike cannot claim Brittany as adependent.

B. Mike must claim a coverage exemption for Brittany or make ashared responsibility payment.

C. It does not affect Mike’s return. Brittany will have to claima coverage exemption or make the shared responsibility payment onher own return.

D. It doesn’t affect Mike’s return because Brittany is 18 yearsold.

is it C and C? or could you explain please

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