Question 25

1. What does the unexpired insurance at the end of the fiscal period represent?

a.

a prepaid expense

b.

an accrued asset

c.

an accrued expense

d.

an accrued liability

1 points

Question 26

1. How should accrued revenues appear on the balance sheet?

a.

as prepaid expenses

b.

as assets

c.

as property, plant, and equipment

d.

as liabilities

1 points

Question 27

1. How should Prepaid Advertising, representing payment for the next quarter, be reported on the balance sheet?

a.

as an asset

b.

as a contra asset

c.

as a liability

d.

as an expense

1 points

Question 28

1. How should Unearned Rent, representing rent for the next six months' occupancy, be reported on the landlord's balance sheet?

a.

as property, plant, and equipment

b.

as an asset

c.

as revenue

d.

as a liability

1 points

Question 29

1. How are Accrued Expenses typically reported on the balance sheet?

a.

as assets

b.

as liabilities

c.

as prepaid expenses

d.

as property, plant, and equipment