Question

Bases of accounting for insurance transactions commonly adopted are as follows, except.....:


a.
Referred Annual Accounting

b.
Deferred Annual accounting

c.
Fund Accounting

d.
Annual Accounting

Answer 1

The correct option is:

b. Deferred Annual accounting

The commonly adopted bases of accounting for insurance transactions typically include Referred Annual Accounting, Fund Accounting, and Annual Accounting. However, "Deferred Annual accounting" is not a recognized basis of accounting for insurance transactions.