3 situations when insurance is an asset and not a liability Are you one of those Singaporeans who views insurance as an expense rather than an asset?For the man (or woman on the street), whether insurance is an asset and not a liability can be a hard question to answer. Here are ...
A.Decrease a liability; increase revenue.B.Increase an expense; increase a liability.C.Increase an expense; decrease a liability.D.Increase an asset; increase revenue.E.Increase an expense; decrease an asset.相关知识点: 试题来源: 解析 B 反馈...
Companies may have multiple insurance expense accounts. This provides clarity on the amount expensed each month for each insurance policy, i.e. general liability or vehicle. Stakeholders often prefer to see these expenses separate so they can determine how much each policy offers for unplanned events...
Legal expense insurance is a type of insurance coverage in which the insured transfers the risk of litigation to an insurance...
Accounting gives a business a way to keep track of its liabilities and expenses. In terms of liability vs. expense accounts, a liability refers to a financial obligation, or upcoming duty to pay. An expense refers to money spent by the company, or a cost incurred by the company, in...
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Bad Debt Expense is a/an ___ (asset/liability/etc.) account with a normal ___ balance. Closing entries: To complete the business cycle, closing entries are necessary to be recorded in the book of company. These accounting entries prepare the financial data of the company...
A. accounts payable B. unearned revenue C. accumulated depreciation D. long-term debt Accounts: There are many accounts in an accounting system, and these are displayed through the chart of accounts. Each account can be classified as a liabi...
Example of Insurance Expense Let’s assume that a retailer has insurance policies for its property, general liability, vehicles, and employees’ worker compensation, medical, dental, life, and disability. The company pays the premiums on the various insurance policies in advance. Any insurance premiu...
A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is a(n): <br/> A、Journal.<br/> B、Posting.<br/> C、Trial balance.<br/> D、Account.<br/> E、Chart of accounts.