S1 : In accordance with the accrual assumption, the full amount of the premium is recognized immediately as income when received; instead, the premium is normally regarded as being earned evenly over...

S1: In accordance with the accrual assumption, the full amount of the premium is recognized immediately as income when received; instead, the premium is normally regarded as being earned evenly over the period of the policy.

S2: ABC a manufacturer of appliances, approved to insure a customer for any loss or damage that the customer may incur from the use of a purchased appliance which is covered under PFRS 17.

S3: Under insurance contract, the party that has a right to compensation if the insured event occurs is referred to as the insurer.

a. Only S3 is incorrect

b. All statements are correct

c. Only S2 is correct

d. Only S3 is correct

e. Only S1 is incorrect

f. Only S2 is incorrect

g. All statements are incorrect

h.Only S1 is correct