A provision included in a claims-made commercial general liability policy provides coverage for claims filed after the policy has expired. This provision is called a(n)
A) extended reporting period provision.
B) agreed amount endorsement.
C) retroactive date provision.
D) per-occurrence limit clause.
Answer: A
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A merchandiser, following the perpetual inventory system, has the following transactions during August, 2017:
Date Transaction Amount Aug. 5 Purchased inventory on account $ 300,000 Aug. 9 Paid for transportation of goods purchased 25,000 Aug 10 Returned defective merchandise to the seller 20,000 Aug. 15 Paid for goods purchased on August 5 ? Credit terms of invoice are 2/15, n/45. Give journal entries for the above transactions. What will be an ideal response
The evidence collection method that examines all supporting documents to determine the validity of a transaction is called
A) review of documentation. B) vouching. C) physical examination. D) analytical review.