College of Administrative and Financial Sciences<\/p>\n
Assignment 3<\/p>\n
Deadline: 27\/11\/2021@ 23:59<\/p>\n
Course Name: Insurance Accounting <\/p>\n
Student\u2019s Name:<\/p>\n
Course Code: ACCT 424<\/p>\n
Student\u2019s ID Number:<\/p>\n
Semester: 1<\/p>\n
CRN:<\/p>\n
Academic Year: 1443\/1442 H<\/p>\n
For Instructor\u2019s Use only<\/p>\n
Instructor\u2019s Name: Habiba Moabber<\/p>\n
Students\u2019 Grade: Marks Obtained\/Out of 5<\/p>\n
Level of Marks: High\/Middle\/Low<\/p>\n
Instructions \u2013 PLEASE READ THEM CAREFULLY <\/p>\n
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.<\/p>\n
Assignments submitted through email will not be accepted.<\/p>\n
Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.<\/p>\n
Students must mention question number clearly in their answer.<\/p>\n
Late submission will NOT be accepted.<\/p>\n
Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. <\/p>\n
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).<\/p>\n
Submissions without this cover page will NOT be accepted. <\/p>\n
Assignment Question(s): <\/p>\n
Q1. The following financial transactions are related with a General Takaful Product:<\/p>\n
i. An amount of SAR 6,200 received as advanced contribution from new participants.<\/p>\n
ii. An amount of SAR 4,500 received as a contribution from new participants. <\/p>\n
iii. Contribution renewal received from participants SAR 5,500.<\/p>\n
You are required to prepare necessary journal entries. (1.5 Marks) <\/p>\n
Answer:<\/p>\n
Q2. Discuss the three primary methods used by Guaranty Fund to assess property and liability insurance using your own words. (2 Marks) <\/p>\n
Answer:<\/p>\n
Q3. XYZ Company has the following financial data: (1.5 marks)<\/p>\n
Particulars<\/p>\n
Amounts (SAR)<\/p>\n
Total Profit for the Year<\/p>\n
377,500<\/p>\n
General Takaful Assets (Year 2014)<\/p>\n
1,390,000<\/p>\n
General Takaful Assets (Year 2015)<\/p>\n
1,517,500<\/p>\n
Cash <\/p>\n
11,500<\/p>\n
Short-term Investment<\/p>\n
23,500<\/p>\n
Short term liabilities <\/p>\n
85,000<\/p>\n
Underwriting Surplus Distributable to Participants\/Participants’ Share of Profit<\/p>\n
\u00a0145,500<\/p>\n
Gross Contribution<\/p>\n
958,000<\/p>\n
Net Contribution<\/p>\n
662,500<\/p>\n
Wakalah Fee<\/p>\n
77,500<\/p>\n
Commission Paid<\/p>\n
28,300<\/p>\n
Management Expense<\/p>\n
58,000<\/p>\n
Net Claim Incurred<\/p>\n
287,500<\/p>\n
Earned Contribution<\/p>\n
632,500<\/p>\n
You are required to calculate:<\/p>\n
Return on Assets<\/p>\n
Quick Liquidity<\/p>\n
Surplus Distribution Ratio<\/p>\n
Expense Ratio<\/p>\n
Claims Ratio<\/p>\n
Answer:<\/p>\n
1<\/p>\n","protected":false},"excerpt":{"rendered":"
College of Administrative and Financial Sciences Assignment 3 Deadline: 27\/11\/2021@ 23:59 Course Name: Insurance Accounting Student\u2019s Name: Course Code: ACCT 424 Student\u2019s ID Number: Semester: 1 CRN: Academic Year: 1443\/1442 H For Instructor\u2019s Use only Instructor\u2019s Name: Habiba Moabber Students\u2019 Grade: Marks Obtained\/Out of 5 Level of Marks: High\/Middle\/Low Instructions \u2013 PLEASE READ THEM CAREFULLY […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10],"class_list":["post-78096","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/78096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=78096"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/78096\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=78096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=78096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=78096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}