In AASB 1023 General Insurance Contracts,premium that has not been recognised in the statement of comprehensive income is premium that is unearned and recognised in the statement of financial position as an unearned premium liability.
Correct Answer:
Verified
Q5: Unclosed business is defined as business written
Q6: Under AASB 1023 a general insurer must
Q7: At present there are three AASB standards
Q8: The financial statements shall disclose in relation
Q9: Outstanding claims should be recognised as liabilities,as
Q11: Part of the insurance premium is a
Q12: General insurance refers to the provision of
Q13: Under AASB 1023 general insurers are to
Q14: The direct insurer is required to use
Q15: In the situation that at year end
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents