Two Methods of Calculation Prorations Flashcards
1
Q
What 2 methods are used for calculating items that need to be prorated?
A
The 12-month/360-day method and the 365 actual day method
2
Q
What proration method is the “statutory year”?
A
12-month/360-day method
3
Q
What proration method is the “calendar year”?
A
365 actual day method
