Petr Kurgan Accounting has been defined as "the language of business" because it is the basic tool for recording, reporting, and evaluating economic events and transactions that affect business enterprises. Accounting processes document all aspects of a business's financial performance, from payroll costs, capital expenditures, and other obligations to sales revenue and owners' equity. An understanding of the financial data contained in accounting documents, then, is regarded as essential to reaching an accurate picture of a business's true financial well-being. Armed with such knowledge, businesses can make appropriate financial and strategic decisions about their future; conversely, incomplete or inaccurate accounting data can cripple a company, no matter its size or orientation.
National Association of Insurance State regulators look for sufficient capital and surplus at all times and in such forms as required by SAP to provide a " margin of safety ," according to the NAIC.
Conservative valuation procedures provide protection to policyholders against adverse fluctuations in financial condition or operating results.
Statutory accounting should be reasonably conservative over the span of economic cycles and in recognition of the primary responsibility to regulate for financial solvency.
Examines the differences in accounting between not-for-profit and for-profit organizations. Accounting for funds including general funds, special revenue funds, capital projects funds, debts service funds, special assessment funds, internal service funds, enterprise funds, fiduciary funds, the general fixed asset group of accounts, and the general long-term debt group of accounts. Generally accepted accounting principles (GAAP) refer to a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements. principles of accounting, intermediate financial accounting, advanced accounting, accounting tutor, accounting homework help, accounting career, accounting jobs, online accounting courses, On-line accounting degree, accounting masters degree, on-line accounting education, accounting classes, accounting examination, accounting mid-term exam, accounting final exam, certified public .
The ability to meet policyholder obligations is predicated on the existence of readily marketable assets available when both current and future obligations are due.
Assets having economic value other than those which can be used to fulfill policyholder obligations, or those assets which are unavailable due to encumbrances or third party interests should not be recognized on the balance sheet but rather should be charged against surplus when acquired or when availability otherwise becomes questionable.
The regulators' need for meaningful, comparable financial information to determine an insurer's financial condition requires consistency in the development and application of statutory accounting principles.
The table in Note 19 shows actual statutory capital and surplus for the insurer's property casualty and life insurance lines of business compared to the minimum required statutory capital and surplus.
These numbers as of December 31,indicated a comfortable margin of safety in terms of solvency.principles of accounting, intermediate financial accounting, advanced accounting, accounting tutor, accounting homework help, accounting career, accounting jobs, online accounting courses, On-line accounting degree, accounting masters degree, on-line accounting education, accounting classes, accounting examination, accounting mid-term exam, accounting final exam, certified public .
Accounting has been defined as "the language of business" because it is the basic tool for recording, reporting, and evaluating economic events and transactions that affect business enterprises. This course is designed to provide an overview of the business environment.
The business disciplines discussed include management, international business, marketing, finance, economics, accounting and .
The AICPA's Code of Professional Conduct requires that members prepare financial statements in accordance with generally accepted accounting principles. How does accounting help the capital allocation process attract investment capital.
Intermediate Accounting 15th editon Chapter 2 glossary.
2 terms. U.S history FASB Accounting Standards Codification, U.S. GAAP, CPA Exam, CPA Examination, CPA Review, CPA Prep, IFRS, IAS, IASB, GAAP, FASB, AICPA, International Financial. GAAP stands for generally accepted accounting principles.
These principles are the guidelines for how financial statements are prepared by accountants and cover all facets of a business operation.
Capital improvements are made in the course of operating a business and are an important financial consideration, as a.