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The single-step income statement emphasizes

a. the gross profit figure. b. total revenues and total expenses. c. extraordinary items and accounting changes more than these are emphasized in the multiple-step income statement. d. the various components of income from continuing operations.

A variable annuity applicant invests his premiums immediately into the stock portfolio chosen for his annuity. He then returns his annuity during the free look period when the stock market drops significantly. What will the client receive?

A. His entire premium B. The policy account value on the date the returned policy is received by the insured C. The policy account value on the date the returned policy is received by the insurer D. The full premium minus the surrender charge