One liability on a property and liability insurance company's balance sheet is for the costs associated with settling and paying reserved claims. This liability is the

A) pre-paid expense reserve.
B) loss reserve.
C) unearned premium reserve.
D) loss adjustment expense reserve.


Answer: D

Business

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When an account balance is not affected by an adjusting entry, the amount shown in the Trial Balance column of the work sheet is extended directly to the Adjusted Trial Balance columns

Indicate whether the statement is true or false

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Which of the following refers to accounting information that is used by investors, creditors, and other outside parties for analyzing management performance and decision-making?

a. Managerial accounting b. Financial accounting c. Income tax accounting d. Institutional accounting

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Which of the following is not part of a summary jury trial?

A) an abbreviated trial B) a nonbinding jury verdict C) an intermediate appeal D) a settlement conference

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If a client had a matter concerning a partnership agreement and the matter resulted in litigation being filed, which of the following is true?

A) State court would likely hear the matter. B) Federal court would likely hear the matter. C) There would always be concurrent jurisdiction between state and federal courts on the matter. D) In rem jurisdiction would be in federal court.

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