Insurance accounting Saudi electronic university Reinsurance is a form of insurance purchased by insurance companies in order to mitigate risk.

Q1 Explain Surplus share reinsurance & Quota share reinsurance

Q3 c Please check formula

College of Administration and Finance Sciences
Form Number 3 – PERIODIC REPORT
Internship Student Report | Month #?
Start Date: _10__/__9_/_2023__
End Date: _5__/__10_/_2023__
Student’s Name: Rana saeed alomari
Student’s ID Number: S190118389
Training Organization: Saudi Electricity Company
Trainee Department: accounting
Trainee Supervisor Name: Salam al abdkader
Faculty Member: Maysoon khojah
Course: 430
CRN: 11131
Academic Year/Semester: First term
(Instructions)
➢ This report must be submitted on Blackboard (WORD format only) via the allocated folder.
➢ Email submission will not be accepted.
➢ Your work should be clearly and completely presented; marks may be reduced for poor
presentation. This includes filling your information on the cover page.
➢ Assignment will be evaluated through BB Safe Assign tool.
➢ Late submission will result in ZERO marks being awarded.
➢ This work should be your own, copying from students or other resources will result in ZERO
marks.
➢ Use Times New Roman font 12 for all your answers.
College of Administration and Finance Sciences
(Report Components)
Task(s)
New skill(s)
Meeting(s)
Difficulty/ Challenge(s)
Learning
What are the activities and tasks given to you during this
month?
• Create an asset in Excel for project accounts and then
enter it into the SAP system.
• Examining (reviewing) files of capital projects that
have been closed.
• Detailed documents for the declaration items that are
sent to the Authority with the tax declaration.
What skills did you learn through the month?
• Working on the Excel program with various tasks
assigned to me.
• Work on the tax invoice and link it electronically to
the barcode.
How many meetings did you attend?
I have attended 5 meetings until now.
What are the difficulties you had this month?
• Preparing capital project closure files.
• Ensure that the original and the original are both in
the register.
• Capitalization base for capital projects.
How did you overcome these difficulties?
• I was given a memorandum from the Project
Accounts Department to clarify the work procedures
and detailed tasks of the department.
• Meeting with the Assets Department and explaining
how to inventory assets through identification cards
and field visits.
• Work to consider the project as an asset and capitalize
it until the project is fully completed.
What did you learn from completing the tasks
1/ Examine the files of the violating projects in the forms to
ensure that the name, registration number, destroyer name,
and seal match. I then review the repair cost account
containing the cost of labor and tools by calculating the
College of Administration and Finance Sciences
quantity with the unit price, and then verifying that the total
cost is correct.
2/ Matching desalination invoices with the system and
verifying them. Also calculate first quarter revenue.
3/ Working to close completed projects and cancel
incomplete projects and the procedures followed after
cancellation.
What did you want to learn more?
1/ Items included in the zero tax and the exempt tax, and the
difference between them is two taxes.
2/ Clarifying the meaning of reverse taxation.
3/Knowing the conditions for supplying value-added tax to
the Authority.
*Note:
1. This report is a summary of the training activities performed.
2. You may attach additional pages if needed. And student can attach any extra note to this form.
Name: ______ Rana saeed alomari ______
Signature: ___________________________
a) Return on Assets
=
Total Profit for the year
Average General Takaful Assets
=
377,500
1,453,750
=
.2596 or 25.96 %
(Note: Average General Takaful Assets = Amount of General Takaful Assets (Year 2014) +
Amount of General Takaful Assets (Year 2015) / 2)
b) Quick Liquidity
=
Cash and Short-term Investment
Short term liabilities
=
35,000
85,000
c) Surplus Distribution Ratio
=
=
145,500
958,000
.1518 or 15.18 %
77,500 + 28,300 + 58,000
662,500
.2472 or 24.72%
=
=
=
Wakalah Fee + Commission paid + Management Expense
Net Contribution
=
e) Claims Ratio
.4117 or 41.17 %
Underwriting Surplus Distributable to
Participants/Participants’ Share of Profit
Gross Contribution
=
d) Expense Ratio
=
Net Claim Incurred
Earned Contribution
=
287,500
632,500
=
.4545 or 45.45%