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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

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 34MC: What type of account is prepaid insurance? A. Stockholders Equity B. Expense C. Liability D. Asset

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