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

Which type of insurer is owned by its policyowners?

Mutual insurer

Reciprocal insurer

Lloyd's association

Stock insurer

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Verified step by step guidance

Understand the different types of insurers and their ownership structures. Insurers can be categorized based on who owns them and how they operate.

Learn about mutual insurers: These are insurance companies owned by their policyholders. Profits are typically returned to policyholders in the form of dividends or reduced premiums.

Compare mutual insurers to stock insurers: Stock insurers are owned by shareholders, not policyholders. Their primary goal is to generate profits for shareholders.

Examine reciprocal insurers: These are groups of individuals or organizations that exchange insurance contracts and share risks. They are managed by an attorney-in-fact but are not owned by policyholders.

Understand Lloyd's associations: These are not insurers themselves but rather marketplaces where members underwrite insurance. Ownership is not tied to policyholders.