Asked by Marisa Mckay on Jul 05, 2024
Verified
The unexpired insurance at the end of the fiscal period represents
A) an accrued asset
B) an accrued liability
C) an accrued expense
D) a deferred expense
Unexpired Insurance
The portion of an insurance premium that has not yet expired during the policy period.
Fiscal Period
A specific time period for which an organization prepares financial statements, typically a year, but can also be a quarter or month.
Deferred Expense
A deferred expense is an expenditure that is made in advance and recorded as an asset until it is consumed or its value expires, at which point it is charged to expense.
- Attain insight into the notions of deferral and accrual practices in accounting.
Verified Answer
Learning Objectives
- Attain insight into the notions of deferral and accrual practices in accounting.
Related questions
Which of the Following Accounts Would Likely Be Included in ...
Prepaid Advertising, Representing Payment for the Next Quarter, Would Be ...
The General Term Used to Indicate Delaying the Recognition of ...
If There Is a Balance in the Unearned Subscriptions Account ...
Prepaid Expenses Are Eventually Expected to Become ...