If an entity pays for one year's insurance in the first month of operations, this payment is referred to as:
A) A liability.
B) A prepayment.
C) An expense.
D) Revenue.
Correct Answer:
Verified
Q59: An example of a liability is:
A) Amounts
Q60: The accounting equation:
A) requires equilibrium of resources
Q61: The dual effect of transactions means:
A) every
Q62: Which of the following is true?
A) Revenue
Q63: If an entrepreneur starts a business with
Q65: The accounting period is:
A) a month.
B) a
Q66: The principle that the entity is able
Q67: Which of the following best describes an
Q68: Which of the following best describes depreciation?
A)
Q69: The end of period adjustment to record
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents