Insurance Topics Statutory Accounting Principles NAIC
But others, such as products liability and some workers compensation claims, may be settled long after the policy has expired. The most difficult to assess are loss reserves for events that have already happened but have not been reported to the insurance company, known as “incurred but not reported” (IBNR). Examples of IBNR losses are […]
What Are the Types of Costs in Cost Accounting?
Activity-based costing (ABC) assigns each overhead and indirect cost, such as salaries and utilities, to specific products and services. This method, while tricky to carry out, helps better identify which activities and cost objects consume the most and least overhead and is particularly relied on in businesses with many moving parts. Under accrual accounting, expenses are […]
Audit Assertions Definition, List Top 3 Categories
In contrast, audit assertions are the tools or lenses used by auditors to examine and test those claims. Both are fundamental to Coffee Shop Accounting the audit process, with the former being the subject of the audit and the latter guiding the methodology of the audit. Beyond risk identification, assertions guide the development of audit […]