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Loss of earnings?
Loss of Earnings is Coverage to reimberse for lost wages due to a covered peril. Such losses are commonly incurred after a covered injury.
What is difference between expenses and losses?
A business (company or individual) earns money - called earning or revenue. To earn this, the entity incurs expenses - such as material, salaries, telecom costs. When you subtract the expenses from the revenue, the result is called 'profit', if it is positive, and 'loss', if negative. So the difference is - expenses are the costs incurred by a business, and loss is the difference between earnings and expenses, (if expenses are more than revenues).
How do income tax losses affect your tax return?
Gains and losses from the sale or exchange of capital assets receive separate treatment from "ordinary" gains and losses. Capital gains are taxed before income, at a significantly lower rate than ordinary gains.
What do you understand by the concept of conservatism . Why is it also called the concept of prudence. Why is it not applied as strongly today as it used to be in the Past?
"conservatism in the balance sheet is of dubious value if attained at the expense of conservatism in the income statement, which is far more significant." A branch of accounting that requires a high degree of verification before making a legal claim to any profit. Accounting conservatism will recognize all probable losses as they are discovered and most expenditures as they are incurred. Revenue will be deferred until it is verified. Having strict revenue-recognition criteria is one of the most common forms of accounting conservatism.
Should unrealized foreign exchange gains and losses be reversed in the following year?
Yes, unrealised gain/ (loss) should be reversed in the following year to bring the balances to original/ historical amounts. Subsequently, at the time of settlement of a liability/ collection of a receivable, the actual/ realised gain/ (loss) is booked in the year in which it incurred. When you track unrealized gains and losses, you make an entry for the current month, then reverse the entry you made in the previous month. It's important that you remember to reverse the previous month's entry; if you don't, gain and loss amounts for future months will be inaccurate.
What is ibnr?
Incurred but not reported. It's a # insurance companies use to project losses.
What should you claim for?
You should claim for whatever losses you incurred as a result of the accident, whether personal injury or property related losses.
Is one characteristic of a corporation is that its owners are personally liable for any losses incurred by the business?
no
What is the outlay for ensuring satisfactory quality plus the losses incurred for failing to achieve it?
Cost of quality
What is the definition of a calendar year loss ratio?
Calendar Year Experience: Simplistically, the matching of all losses incurred (not necessarily occurring) within a given twelve-month period, usually beginning on January 1, with all premium earned within the same period of time. Incurred losses will include the change in IBNR More specifically, the total value of all losses incurred (not necessarily occurring) during the calendar year is divided by the Accounting Earned premium for this same exposure period. Losses incurred are equal to the sum of losses paid, plus the outstanding loss reserves at the end of the year, less the outstanding loss reserves at the beginning of the year. Once calculated for a given period, calendar-year experience never changes.
Can you give me a sentence using the word incur?
The investor incurred substantial financial losses due to the stock market crash.
Should an uninsured driver that was hit by an insured driver call a lawyer?
If you incurred losses by injury or your property was damage, I would.
Loss of earnings?
Loss of Earnings is Coverage to reimberse for lost wages due to a covered peril. Such losses are commonly incurred after a covered injury.
What is typical amount for auto accident settlement with minor injury?
The amount typical is commensurate to the actual damages and accompanying losses incurred by the claimant.
What is Like-kind exchange?
§ 1031 provides Nonrecognition of gains and losses incurred on the transfer of property in exchange for other property of "like kind".
What are the applications of losses in transmission line?
There are no applications for losses, that's why they are called 'losses'!
What is bank loan exposure?
The amount which the bank may lose in case of losses incurred due to risks taken, e.g. in case of a borrower's or counterparty's default.
