8. What type of account is "Prepaid Insurance"? ⚫ a) Expense . ⚫ b) Liability . . c) Asset d) Revenue
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- Which of the following accounts is considered a permanent or real account?A. Interest RevenueB. Prepaid InsuranceC. Insurance ExpenseD. Supplies ExpenseWhat type of account is “Accounts Receivable”?a) Assetb) Liabilityc) Equityd) Revenue29 When a liability is paid, which account should be credited? A, Cash B.Accounts payable C. Expense D. Accounts receivable
- Chapter 10, Question 16: What are contingent liabilities? List three examples of contingent liabilities. When should contingent li-abilities be recorded in the accounts?The account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability. d.contra-liability.Which of these accounts is a liability? A. Accounts Receivable B. Supplies C. Salaries Expense D. Accounts Payable
- The practice of recording advance payments from customers as a liability is an example of applying the O Going concern assumption. O Monetary unit assumption. O Historical cost principle. Revenue recognition principle.9. Interest payable is shown on the Oincome statement as an operating expense. Obalance sheet as a long-term liability. Obalance sheet as a current liability. balance sheet as a current asset.Which of the following is not an example of an asset? Group of answer choices Supplies. Accounts receivable. Prepaid Insurance. Deferred revenues.