Difference between revisions of "Income Statement"

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==In Plain English!==
 
==In Plain English!==
  
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===The Basics===
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If you've taken a university course in accounting then you're in good shape you're familiar with the layout of financial statements. If you haven't, it's not a ''great'' problem, but it might be a little harder to understand the big picture.
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===SAP versus GAAP===
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Before doing anything else, you need to know the '''frameworks''' that companies use for accounting.
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It will help if you've taken a university course in accounting because you'll then be familiar with the layout of financial statements.
 
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If you haven't had a university accounting course, it's not a ''great'' problem, but it might be a little harder to understand the big picture.
 
  
 
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Revision as of 20:59, 26 December 2018

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Based on past exams, the main things you need to know (in rough order of importance) are:

  • surplus: calculation of surplus, surplus changes, non-I/S surplus changes & reasons for surplus changes
  • statutory income: calculation of statutory income
  • basic accounting terms and concepts: (SAP = Statutory Accounting Principles)
   => balance sheet, income statement, assets, liabilities, revenue, expenses, reinsurance
  • calculation of of bond values
reference part (a) part (b) part (c) part (d)
E (2018.Spring #9) define:
- insurer recoverable 		define:
- insurer payable 		define:
- reinsurer funds held 		define:
- reinsurance provision
E (2018.Spring #10) statutory income:
- calculate 		expense allocation:
- impact on profitability 		expense allocation:
- actuary's involvement
E (2017.Fall #9) statutory income:
- calculate 		users & purpose:
- B/S & I/S 1
E (2017.Fall #10) surplus:
- calculate surplus
E (2017.Fall #13) calculate:
- value of bonds 		regulator concerns:
- regarding assets
E (2016.Fall #14) surplus:
- calculate surplus 		financial health:
- evaluate
E (2015.Fall #15) surplus:
- non-I/S surplus changes 		surplus:
- total surplus change 		surplus:
- reasons for surplus chg
E (2014.Fall #12) surplus:
- calculate surplus 		see NAIC.IRIS see Odomirok.10-Notes
E (2013.Fall #19) SAP:
- identify errors 		surplus:
- calculate surplus 		reinsurance:
- reasons to purchase 		regulator concerns:
- fair value
E (2012.Fall #14) surplus:
- impact on surplus 		see Odomirok.19-RBC
1 B/S stands for Balance Sheet, and I/S stands for Income Statement.

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In Plain English!

If you've taken a university course in accounting then you're in good shape you're familiar with the layout of financial statements. If you haven't, it's not a great problem, but it might be a little harder to understand the big picture.

SAP versus GAAP

Before doing anything else, you need to know the frameworks that companies use for accounting.


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BattleCodes

Memorize:


Conceptual:


Calculational:

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