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Description: Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b. Prepaidexpense c. Accrued revenue d. Accrued expense

Business

Accounting

Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b. Prepaid expense c. Accrued revenue d. Accrued expense

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 10MC: Rent collected in advance is an example of which of the following? A. accrued expense B. accrued...

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Rent paid in advance is an example of which of the following? A. accrued expense B. accrued revenue C. deferred expense (prepaid expense) D. deferred revenue (unearned revenue)
Which of these accounts is a liability? A. Accounts Receivable B. Supplies C. Salaries Expense D. Accounts Payable
Rent collected in advance is an example of which of the following? A. accrued expense B. accrued revenue C. deferred expense (prepaid expense) D. deferred revenue (unearned revenue)
Identify which type of adjustment is associated with this account, and what is the other account in the adjustment? Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. accounts receivable B. interest payable C. prepaid insurance D. unearned rent
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If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? A. accrual B. deferral C. estimate D. cull
Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b. Prepaid expense c. Accrued revenue d. Accrued expense
Making insurance payments in advance is an example of: Select one: a. An accrued receivable transaction. b. A prepaid expense transaction. C. An unearned revenue transaction. d. An accrued liability transaction.
Prepaid insurance is reported on the balance sheet as a a.long-term liability b.current asset c.current liability d.fixed asset
The balance of Prepaid Insurance, representing the cost of insurance that remains paid in advance, should appear in the: a.Trial Balance Credit column. b.Income Statement Debit column. c.Adjusted Trial Balance Credit column. d.Balance Sheet Debit column
Which of the following accounts is considered a permanent or real account?A. Interest RevenueB. Prepaid InsuranceC. Insurance ExpenseD. Supplies Expense
What is the liability created by receiving revenue in advance called (before it is actually earned)? Group of answer choices accrued reveneu prepaid expense unearned revenue accrued expense