Match each of the following accounts with its proper account group from the groups listed below.

-Prepaid Insurance
A)Assets
B)Liabilities
C)Owner's Equity
D)Revenue
E)Expenses

Question

Match each of the following accounts with its proper account group from the groups listed below.
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-Prepaid Insurance
A)Assets
B)Liabilities
C)Owner's Equity
D)Revenue
E)Expenses

Quizplus · Accepted Answer

Prepaid Insurance is an asset account, since it represents a prepayment of insurance that will provide future economic benefit to the company.

Match Each of the Following Accounts with Its Proper Account