Question 27 Not yet The business incurs some expense as a part of activity. Which of the following is an example of Expense? answered Marked out of 0.50 P Flag question O a. prepaid insurance, O b. cash. Oc accounts payable. O d. Salary paid Question 28 Not yet The journal entry Debit telephone bill, credit Accounts payable is correct for which of the following transactions? answered Marked out of 0.50 P Flag question O a. The business paid the telephone bill for the current month O b. The business received the telephone bill Oc. The business sent the telephone bill to the customer. Od. The business received the telephone bill and it will be paid later Question 5 Assets that can easily be converted to cash and cash equivalents and can be used within a business operating cycle or within one year. Not yet answered Marked out of 0.50 P Flag question O a. Current asset O b. Revenue Oc. Non-current asset O d. Liability Question 6 Not yet Which among the following are the resources owned and acquired by the business to be used for future economic benefits. answered Marked out of 0.50 P Flag question O a. Revenue O b. Liability Oc. Expense O d. Asset