Multiple Choice
In terms of scheduling advertising, buyer turnover refers to:
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1. Introduction to Accounting
Types of Accounting
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Which type of accounting is primarily concerned with the legal process that gives the insurer the right to pursue a third party after payment of a loss?
A
Tax Accounting
B
Managerial Accounting
C
Forensic Accounting
D
Subrogation Accounting
Verified step by step guidance1
Understand the concept of subrogation: Subrogation is a legal process where an insurer, after compensating the insured for a loss, gains the right to pursue a third party responsible for the loss to recover the amount paid.
Identify the type of accounting related to legal processes: Forensic Accounting is primarily concerned with legal matters, investigations, and disputes, including processes like subrogation.
Differentiate between the accounting types: Tax Accounting deals with tax compliance and planning, Managerial Accounting focuses on internal decision-making, and Forensic Accounting specializes in legal and investigative processes.
Connect subrogation to Forensic Accounting: Since subrogation involves legal rights and recovery processes, it falls under the domain of Forensic Accounting.
Conclude that Subrogation Accounting is a subset or application of Forensic Accounting, as it deals with legal recovery processes after a loss.
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