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The Jenson Insurance Company uses these guidelines for homeowner’s insurance coverages. The policies must be written for 80% of a home’s replacement value. Use the guidelines to solve the following.
Hugh O’Neill has a wood-frame home that has a replacement value of $470,000. He has insured it for 80% of its replacement value. What is the amount of coverage on his home? What is the amount of coverage for each type of protection listed in the guidelines?
Enter the letter of each system principle in the blank next to its best description.
A. Control principle
B. Relevance principle
C. Compatibility principle
D. Flexibility principle
E. Cost-benefit principle
_____3. The principle prescribes the accounting information system to change in response to technological advances and competitive pressures.