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

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Group life insurance policies are generally written as which type of accounting policy?

Participating policies

Variable life policies

Non-participating policies

Universal life policies

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Verified step by step guidance

Understand the concept of group life insurance policies: These are insurance policies that cover a group of people, typically employees of a company, under a single contract.

Learn about the different types of life insurance policies: Participating policies, variable life policies, non-participating policies, and universal life policies. Each has distinct features and accounting treatments.

Focus on non-participating policies: These policies do not pay dividends to policyholders and are typically structured with fixed premiums and benefits. They are commonly used for group life insurance because they simplify administration and cost management.

Compare non-participating policies with other types: Participating policies involve dividend payments, variable life policies depend on investment performance, and universal life policies offer flexible premiums and benefits. These features are less suitable for group life insurance purposes.

Conclude that group life insurance policies are generally written as non-participating policies due to their straightforward structure and cost-effectiveness for covering large groups.