Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

7. Receivables and Investments

Types of Receivables

Financial Accounting

7. Receivables and Investments

Types of Receivables

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Multiple Choice

If a consumer experiences a loss, he or she can file a ______ with an insurance company.

invoice

note

deposit

claim

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Verified step by step guidance

Understand the context of the question: The problem is asking about the appropriate term used when a consumer reports a loss to an insurance company.

Review the options provided: 'invoice,' 'note,' 'deposit,' and 'claim.' Consider the definitions and relevance of each term in the context of insurance.

Analyze the term 'claim': In insurance, a claim is a formal request made by a policyholder to an insurance company for compensation or coverage for a loss or event covered under the policy.

Eliminate incorrect options: 'Invoice' refers to a bill for goods or services, 'note' is a written document or reminder, and 'deposit' refers to money placed into an account. None of these are relevant to reporting a loss to an insurance company.

Conclude that the correct term is 'claim,' as it directly relates to the process of requesting compensation for a loss from an insurance company.