Which of the following accounts is a liability?
A) Unexpired Insurance
B) Insurance Expense
C) Prepaid Insurance
D) Unearned Insurance Fees

Question

Quizplus · Accepted Answer

Unearned Insurance Fees is a liability account as it represents the amount received in advance for insurance services that are yet to be provided. The other options (A, B, and C) are related to insurance, but they do not represent a liability. "Unexpired Insurance" is an asset account, "Insurance Expense" is an expense account, and "Prepaid Insurance" is a prepaid expense account.

Which of the Following Accounts Is a Liability