Expense Warranty Approach | Accounting
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In the event that if the item does not work as initially depicted or proposed there are terms and circumstances in which repairs or exchanges will be made. This is a cost for organizations and is known as warranty expense. Copy the link given below and paste it in new browser window to get more information on Expense Warranty Approach:- http://www.transtutors.com/homework-help/accounting/guarantee-warranty-cost-accrual-basis-or-expense-warranty-approach/
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Business income insurance, also called business interruption insurance or extra expense insurance, is typically purchased as part of a commercial property insurance policy for an additional premium. It covers the loss of business income that occurs when direct physical damage to a business's property causes the business to be unable to operate. The policy will pay for ongoing operating expenses and lost profits during the recovery period, which is usually a set number of weeks or months. The insurance contract lays out the risks covered, effective dates, amounts of coverage, and other important policy details in legal language.
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The document discusses warranty and indemnity (W&I) insurance, which protects buyers and sellers from financial losses arising from breaches of representations and warranties made during M&A transactions. It provides examples of how W&I insurance has been used on both sell-side and buy-side deals. Key benefits include allowing sellers to distribute deal proceeds without retaining funds in escrow, and enhancing a buyer's bidding position by accepting a lower warranty cap. The document also outlines what types of losses are covered and not covered by W&I policies.
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Mergers and acquisitions have increased as leaders look to accelerate growth and gain market share. As these transactions happen in a more condensed time frame than ever before, all parties are rushed to perform a proper due diligence. Don’t let a merger or acquisition void your insurance coverage. This article addresses the potential hidden M&A insurance risks and liabilities you should consider.
Trusted Advisor
Hall & Company specializes in professional liability insurance for architects and engineers. They aim to serve as a "trusted advisor" rather than just an insurance salesman. Their renewal process involves early and collaborative planning to assess client needs and negotiate premiums. They use tools like pre-filled renewal applications and a rating model to help clients get the best value. Hall & Company presents clients with all options and allows them to make the final selection, with the goal of guiding clients to informed decisions.
Insurance Terms and Phrases Guide
Gary Chambers provides a presentation to explain common insurance terms and phrases used for recruitment business insurance. He defines key terms like contractual liability, excess, indemnity to principals, inflation protection, limit of indemnity, non-standard terms of business, prior and pending date, retroactive date, standard terms of business, subrogation, territorial limits, and vicarious liability. Chambers concludes by offering to answer any other questions and review insurance policies to help understand coverage.
Earn out agreements
An earn-out agreement is used when selling a company where the purchase price is disputed. It allows the buyer to pay part of the price upfront and the remainder over time based on the company's performance. Key terms to negotiate include the performance metrics, payment schedule, formulas, and potential tax implications. While earn-outs can bridge valuation differences, careful drafting is needed to avoid disputes given the complex relationship between buyer and seller during the earn-out period.
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Service guarantees
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2. Guarantees force companies to focus on customer wants, set clear service standards, and address quality failures through customer feedback and system improvements.
3. Studies show that service guarantees can increase new customer attraction and retention while also helping identify opportunities to improve quality and consistency across locations.
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Why Use Transaction Liability Insurance in 2016?
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The document discusses recent trends in warranty management to improve customer satisfaction and minimize costs. It covers examining competitors' warranty levels; benefits of different support for in-warranty vs out-of-warranty products; using analytics to reduce invalid claims; and benchmarking warranty programs.
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Ratemaking involves determining insurance premiums based on statistical analysis of past losses and variables that predict future risk. Actuaries set rates for classes of risk while underwriters apply the appropriate rates to applicants based on their characteristics. The goal is to charge lower rates to lower risk groups to attract more policyholders in a profitable way while complying with regulations. Premiums cover expected losses, expenses, and profit, with the "loading" portion covering costs and allowing for profit. Both accurate ratemaking and proper risk classification through underwriting are needed for an insurance company to earn a profit.
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This document discusses contractual obligations that companies take on to notify customers and pay costs associated with a data breach when working with third party vendors. There are two common types of obligations: 1) To make the client company whole for any costs associated with a breach, including notification and credit monitoring. However, insurance policies may not cover all costs and the vendor loses negotiating power. 2) To directly notify customers on behalf of the client company. But most policies only cover notification required by law, not contracts. Not all policies cover costs associated with contractual notification obligations. Insureds need to carefully review policies and obligations to ensure coverage aligns with contractual responsibilities in the event of a breach.
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If two or more than two forces are acting on a single plane then the forces are known as System of Coplanar Forces and if they are acting on different planes then the forces are called as Non-Coplanar Forces. Copy the link given below and paste it in new browser window to get more information on Resultant of Coplanar Parallel Forces:-
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The force of attraction exerted by the earth on a solid body is known as Gravitational Force. It acts in a vertically downward direction and is known as weight of the body. Thus, the weight of the body is assumed to act at a point which is known as Centre of Gravity of a body. Copy the link given below and paste it in new browser window to get more information on The Centroidal Axis:-
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System Of Coplanar Forces | Mechanical Engineering
A force is a physical quantity that tends to change the behavior of a solid body when applied upon. This change in behavior may be change in shape of the body or motion of the body in the direction of its action. The force is a vector quantity since it has magnitude and direction. Copy the link given below and paste it in new browser window to get more information on System Of Coplanar Forces:-
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Resultant of Two Unlike and Unequal Parallel Forces | Mechanical Engineering
A force is an external agent which changes or tends to change the behavior of any solid body. It is a vector quantity since it is designated with magnitude and direction. The forces may be of tensile or compressive in nature. Copy the link given below and paste it in new browser window to get more information on Resultant of Two Unlike and Unequal Parallel Forces:-
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Law Of Polygon | Mechanical Engineering
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The document discusses the levels of an activity-based costing (ABC) system. It explains that under ABC, costs are first assigned to activities and then traced to products. There are four levels of costs: unit, batch, product, and facility. Unit costs are directly proportional to the number of units produced. Batch costs are proportional to the number of batches produced regardless of batch size. Product costs can be traced to a product line. Facility costs are incurred for the plant as a whole and cannot be traced to specific units or products. The document provides examples for each cost level.
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In today’s competitive world the term Speed to Market plays an important role for everyone. So, Speed to Market means the pace of introducing any change, innovation, creativity, any market practice for the purpose of increasing the Promotion of the product as quickly as possible in the market. Copy the link given below and paste it in new browser window to get more information on Speed To Market:-
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The document discusses the concept of managerial hubris, which refers to excessive pride or self-confidence held by senior managers that can lead to cognitive biases and poor decision making. Managerial hubris can result in empire building within an organization as managers seek to expand their power and influence. It is also related to mergers and acquisitions if acquiring company managers overestimate their ability to manage target companies. This can lead to winners' curse, where the winning bid exceeds the true value of the target. The hubris hypothesis suggests managerial hubris in acquisitions can result in bids over the intrinsic value and ultimately lower shareholder returns.
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Conductance is an ability of a material to allow the passage of current or fluid or temperature through different materials. It is opposite of resistance through a path, higher the conductivity of material lower is its resistance. It is most commonly used with electrical circuits, though it is also used in fluid and thermals. Copy the link given below and paste it in new browser window to get more information on Conductance:-
http://www.transtutors.com/homework-help/electrical-engineering/conductance.aspx
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Stabilization Of Operating Point | Electrical Engineering
This document discusses the stabilization of operating point in BJTs. It defines the load line and operating point, and explains that the operating point depends on factors like current gain, temperature, and supply voltage variations. An increase in current gain or temperature will shift the operating point towards saturation. It also describes different bias circuit types - fixed bias, collector base bias, fixed bias with emitter resistance, and voltage divider bias - and provides their basic equations.
Offer Curves | Economics
Curves are of different types and for different purposes. Some of the curves are utility curve, margin curves, demand and supply curve, offer curves, etc. International trade is based on international specialization. Copy the link given below and paste it in new browser window to get more information on Offer Curves:-
http://www.transtutors.com/homework-help/international-economics/analytical-tools/offer-curves.aspx
Fixed Exchange Rate | Economics
Currency is any form of money in general circulation in a country. Foreign exchange is money denominated in the currency of another country or a group of countries. Simply, an exchange rate is defined as the rate at which the market converts one currency into another. Copy the link given below and paste it in new browser window to get more information on Fixed Exchange Rate:-
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Computer Architecture is the set of pre-defined rules and methods that describes the functionality of computer system. In other words, a computer consists of both hardware and software and using some rules and methods for the interaction of both hardware and software of a computer is known as computer architecture. Copy the link given below and paste it in new browser window to get more information on Computer Architecture:-
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One of the great advantages of high-level programming languages such as c, c++, and java is that they are machine independent. Programs written in the high-level languages can run on any machine. This is possible because of the compiler. Copy the link given below and paste it in new browser window to get more information on Compilers computer program:-
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- 2. What is Warranty Expense? The cost that a business occurs for the repair or replacement of goods that it has sold is known as warranty expense. The business allows a limited warranty period for which the total amount of warranty expense is calculated. After the warranty period for a product has expired, a business no longer incurs a warranty liability.
- 3. How to record warranty expense? Warranty expense is recorded as per the matching principle, where all expenses related to a sale are recognized in the same reporting period as the revenue from the sale transaction. If it is probable that an expense will be incurred and the company can estimate the amount of the expense then the warranty expense will be recognized in the same period as the sales for the products that were sold.
- 4. What is the effect of warranty expense on the income statement? The income statement is impacted by the full amount of warranty expense when a sale is recorded, even if there are no warranty claims in that period. As claims appear in later accounting periods, the only subsequent impact is on the balance sheet, as the warranty liability and inventory accounts are both reduced.
- 5. What is a warranty claim? When a customer requests a repair or replacement under warranty, the customer files a claim. The company must record this claim. Every time the company fulfils a claim, a portion of the warranty liability is also fulfilled. In other words, every time a claim is fulfilled, the company must decrease the amount of the liability by the cost of fulfilling the claim.
- 6. Sales warranty approach Sales warranty approach is the technique for representing an extended warranty sold with an item that has a producer's guarantee. The dealer perceives independently the offer of the item with the manufacturer’s guarantee and the offer of the extended warranty. The seller concedes income on the sale of extended warranty and records it on a straight-line premise over the life of the agreement.
- 7. Hey Friend, This was just a summary on Expense Warranty Approach. For more detailed information on this topic, please type the link given below or copy it from the description of this PPT and open it in a new browser window. www.transtutors.com/homework-help/accounting/guarantee-warranty-cost- accrual-basis-or-expense-warranty-approach/