What does apprentice premium mean?
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Apprentice Premium is the amount charged from the person whom training is imparted by the business. So it is an income and credited to P & L Account.
Apprentice Premium: Apprentice Premium is received for providing training to someone. It is an indirect income of the business. Therefore, it is shown on the credit side of Profit and Loss A/c.
What do u mean by premium?
Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. Description: In an insurance contract, the risk is transferred from the insured to the insurer. For taking this risk, the insurer charges an amount called the premium.
Where does insurance premium go in final accounts?
Explanation: At the end of any accounting period, the amount of the insurance premiums that remain prepaid should be reported in the current asset account, Prepaid Insurance. The prepaid amount will be reported on the balance sheet after inventory and could part of an item described as prepaid expenses.
On the Assets side of the Balance Sheet.
What happens after an apprenticeship?
After completing an apprenticeship, you could continue to train for an advanced, higher, or degree level apprenticeship, or a related vocational qualification. Alternatively, you could go on to university, or take a professional qualification that leads to a specific job role.
What is an example of a premium?
Premium is defined as a reward, or the amount of money that a person pays for insurance. An example of a premium is an end of the year bonus. An example of a premium is a monthly car insurance payment. An amount paid or required, often as an installment payment, for an insurance policy.
Is a premium a fee?
In the most simple terms, the insurance premium is defined as the amount of money the insurance company is going to charge you for the insurance policy you are purchasing. The insurance premium is the cost of your insurance.