Which of the following accounts would normally not be a part of the acquisition and payment cycle of Prepaid Insurance?
A)Cash
B)Insurance Payable
C)Insurance Expense
D)Prepaid Insurance

Question

Quizplus · Accepted Answer

Insurance Payable is not typically part of the acquisition and payment cycle for Prepaid Insurance, as this cycle usually involves paying cash for insurance and recording it as an expense or prepaid asset, not as a payable.

Which of the Following Accounts Would Normally Not Be a Part