All of the following statements about the termination provisions of the PAP are true EXCEPT
A) The insured can cancel the policy for any reason.
B) The insurer can cancel a newly-written policy if it has been in force for fewer than 60 days.
C) The insurer can cancel the policy after it has been in force for 60 days only if the insured has three or more traffic violations.
D) The insurer can refuse to renew the policy at its annual anniversary date as long as proper notice is given prior to the end of the policy period.
Answer: C
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In its first year of operations, Roger Company purchased trading securities at a total cost of $53,000. On December 31, the end of Roger's fiscal year, the fair market value of those investments totaled $57,000. As a result of these investments, Roger Company will report
A) Investment in Trading Securities of $57,000. B) Investment in Trading Securities of $53,000. C) Unrealized Holding Gain/Loss-Trading Securities of $4,000 on the income statement as ordinary income. D) a credit balance in the contra account to Investment in Trading Securities of $4,000.
Which of the following is a business event that is considered a recordable transaction?
a. A company hires a new employee. b. A customer purchases merchandise. c. A company orders a product from a supplier. d. An employee sends a purchase requisition to the purchasing department.
Convert the improper fraction to a whole or mixed number: 
What will be an ideal response?
Which of the following is not true regarding horizontal analysis of income statements?
a. The analysis will express income and expense items as a percentage of total assets. b. The analysis will show changes in the amount of income and expense items from one period to the next. c. The earlier statement is used as the base for computing the amount and percent of change. d. The analysis may show both favorable and unfavorable trends.