When can I say that a premium is collected, deferred, advanced or uncollected? (accrual basis)?

A premium policy was issued on June 30, 2000 with quarterly premium of $7.50.

Therefore, the payments are due on 6/30, 9/30, 12/30 and 3/30.

1. If the payment is received on 6/30/2000, is it called collected?

2. If the payment is received on 12/15/2000, is it called advanced?

3. If the payment due 9/30/2000 is received on 10/5/2000, is it called uncollected?

4. If the payment due 12/30/2000 is received on 1/10/2001, is the payment on 1/10/2001 called deferred (or 12/30/2000)?

Answer:
Based on your statements, the correct answer is #1. Other Questions and Answers:
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