Generally, a contract to employ a certified public accountant need not be in writing.
However, such contracts often call for services of a highly complex and technical nature, and hence they should be explicit in their terms, and they should be in writing. In particular, a written employment contract is necessary in order to avoid misunderstanding with the employer regarding the amount of the accountant's fee or compensation and the nature of its computation. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Accounting For Insurance Proceeds Pwc
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How to fill out Contract With Accountant To Audit Corporation's Group Medical, Disability, And Life Insurance Program?
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The payment made by the company is listed as an expense for the accounting period. If the insurance is used to cover production and operation, then the insurance expense can be listed in an overhead cost pool and divided into each unit produced during the period.
Reimbursement for a loss: If the insurance proceeds are intended to reimburse the company for a loss or damage (e.g., property damage, theft, or loss of inventory), the proceeds are typically recorded as a reduction of the related loss or expense.
The following journal entry can be used to record the insurance claim: Debit: Insurance Claim Receivable (Assets) - Increase in the amount of insurance claim receivable. Credit: Loss on Damaged Goods (Expenses) - Record the loss incurred due to damaged goods.
For example, if $10,000 of inventory is damaged in a fire and the proceeds are $7,000, the transaction should be recorded as a $7,000 debit to cash-fire damage reimbursement, a $3,000 debit to loss on insurance proceeds, and a $10,000 credit to inventory.
Insurance expense refers to the cost incurred by a business or an individual for obtaining insurance coverage. These costs are paid as premiums to an insurance company and are typically accounted for as expense items in the entity's financial statements.