Reserves – NBC Institute

AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

Question

Regarding the audit of a non-life insurance company, which of the following reserves may NOT be reviewed?
A. Reserve for unexpired risks
B. Reserve for outstanding claims
C. Contingent reserve
D. External reserve
E. Statutory reserve

Answer

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Tags: Audit, Non-Life Insurance, Reserves, Specialized Industries
Level: Level 3

Topic: Audit of Specialized Industries
Series: NOV 2012

FA – Nov 2012 – L1 – SA – Q1 – Elements of Financial Statements

Determining which of the listed options is not part of retained earnings.

Question

Which of the following is NOT part of retained earnings?

A. Revenue reserve
B. Accumulated profits
C. Profits on exceptional activities
D. Undistributed profits
E. Unappropriated profits

Answer

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Tags: Financial Statements, Profit, Reserves, Retained Earnings
Level: Level 1

Topic: Elements of Financial Statements
Series: NOV 2012

FA – May 2016 – L1 – SA – Q3 – Elements of Financial Statements

A question about the best description of equity in the statement of financial position.

Question

In the statement of financial position, equity is best described as:
A. Market value of the shares of the owners
B. Issued capital and reserves
C. Issued capital and loan notes
D. Revenue and gains
E. Expenses and losses

Answer

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Tags: Capital, Equity, Financial Position, Reserves
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2016

AA – July 2023 – L2 – Q3b – Audit and Assurance Risk Environment, Professional and Ethical Considerations

Factors external auditors should consider when engaging an actuary for evaluating an insurance company's reserves and premium rates.

Question

b) Fritz Insurance is a large insurance company that provides a wide range of insurance products to individuals and businesses. As part of their annual audit, the external auditor has engaged the services of an Actuary to assist with the evaluation of the company’s reserves and the adequacy of its premium rates.

Required:
Explain FIVE (5) factors to be considered by External Auditors in engaging the services of an Actuary to assist with the evaluation of the company’s reserves and the adequacy of its premium rates. (10 marks)

Answer

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Tags: Actuary, External Auditor, Insurance, Premium Rates, Reserves
Level: Level 2

Topic: Audit and Assurance Risk Environment, Professional and Ethical Considerations
Series: JULY 2023

AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Non-Life Insurance, Reserves, Specialized Industries
Level: Level 3

Topic: Audit of Specialized Industries
Series: NOV 2012

FA – Nov 2012 – L1 – SA – Q1 – Elements of Financial Statements

Determining which of the listed options is not part of retained earnings.

Question

Which of the following is NOT part of retained earnings?

A. Revenue reserve
B. Accumulated profits
C. Profits on exceptional activities
D. Undistributed profits
E. Unappropriated profits

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, Profit, Reserves, Retained Earnings
Level: Level 1

Topic: Elements of Financial Statements
Series: NOV 2012

FA – May 2016 – L1 – SA – Q3 – Elements of Financial Statements

A question about the best description of equity in the statement of financial position.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital, Equity, Financial Position, Reserves
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2016

AA – July 2023 – L2 – Q3b – Audit and Assurance Risk Environment, Professional and Ethical Considerations

Factors external auditors should consider when engaging an actuary for evaluating an insurance company's reserves and premium rates.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Actuary, External Auditor, Insurance, Premium Rates, Reserves
Level: Level 2

Topic: Audit and Assurance Risk Environment, Professional and Ethical Considerations
Series: JULY 2023

Question Tag: Reserves

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AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

FA – Nov 2012 – L1 – SA – Q1 – Elements of Financial Statements

Determining which of the listed options is not part of retained earnings.

FA – May 2016 – L1 – SA – Q3 – Elements of Financial Statements

A question about the best description of equity in the statement of financial position.

AA – July 2023 – L2 – Q3b – Audit and Assurance Risk Environment, Professional and Ethical Considerations

Factors external auditors should consider when engaging an actuary for evaluating an insurance company's reserves and premium rates.

AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

FA – Nov 2012 – L1 – SA – Q1 – Elements of Financial Statements

Determining which of the listed options is not part of retained earnings.

FA – May 2016 – L1 – SA – Q3 – Elements of Financial Statements

A question about the best description of equity in the statement of financial position.

AA – July 2023 – L2 – Q3b – Audit and Assurance Risk Environment, Professional and Ethical Considerations

Factors external auditors should consider when engaging an actuary for evaluating an insurance company's reserves and premium rates.

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Question Tag: Reserves

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AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

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FA – Nov 2012 – L1 – SA – Q1 – Elements of Financial Statements

Determining which of the listed options is not part of retained earnings.

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FA – May 2016 – L1 – SA – Q3 – Elements of Financial Statements

A question about the best description of equity in the statement of financial position.

You're reporting an error for "FA – May 2016 – L1 – SA – Q3 – Elements of Financial Statements"

AA – July 2023 – L2 – Q3b – Audit and Assurance Risk Environment, Professional and Ethical Considerations

Factors external auditors should consider when engaging an actuary for evaluating an insurance company's reserves and premium rates.

You're reporting an error for "AA – July 2023 – L2 – Q3b – Audit and Assurance Risk Environment, Professional and Ethical Considerations"

AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries"

FA – Nov 2012 – L1 – SA – Q1 – Elements of Financial Statements

Determining which of the listed options is not part of retained earnings.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q1 – Elements of Financial Statements"

FA – May 2016 – L1 – SA – Q3 – Elements of Financial Statements

A question about the best description of equity in the statement of financial position.

You're reporting an error for "FA – May 2016 – L1 – SA – Q3 – Elements of Financial Statements"

AA – July 2023 – L2 – Q3b – Audit and Assurance Risk Environment, Professional and Ethical Considerations

Factors external auditors should consider when engaging an actuary for evaluating an insurance company's reserves and premium rates.

You're reporting an error for "AA – July 2023 – L2 – Q3b – Audit and Assurance Risk Environment, Professional and Ethical Considerations"

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