Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
5 Cards in this Set
- Front
- Back
|
What does the income statement measure?
|
Changes in owner's equity during a stated period of time.
|
|
|
What does the Balance Sheet report on?
|
It shows the level of assets and liabilities, and the status of the shareholder's equity, or surplus, for the insurer.
|
|
|
Balance Sheet Equation
|
Assets=Liabilities +Owner's Equity
|
|
|
Loss Reserve Liability Account
|
Incurred Losses=Paid Losses+Ending Claim Liability-Beginning Claim Liability
|
|
|
The Income Statement
|
Owner's Equity=Contributed Capital+Retained Earnings
|
