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Question 8: CACL-0048 Need a hint? See Reference... The premium on a 3-year insurance policy expiring on December 31, year 3, was paid in total
Question 8:
CACL-0048
Need a hint?
See Reference...
The premium on a 3-year insurance policy expiring on December 31, year 3, was paid in total on January 2, year 1. If the company has a 6-month operating cycle, then on December 31, year 1, the prepaid insurance reported as a current asset would be for
6 months. | |
12 months. | |
18 months. | |
24 months. |
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