Is insurance expense an asset or liability?
Prepaid insurance would be an asset. Insurance expense is when the insurance has been used up, thus making it an actual expense on the Income Statement. Whereas Prepaid Insurance on a Balance sheet is classified as an Asset.
Is a Payment for a vehicle Loan Liability considered an Expense that would show up in my monthly expense report in my Quicken XG 2004?
No, insurance expense is not a liability but rather an operating expense. Expenses are listed on the Income statement and are taken out of gross income (revenue). It is very doubtful you will ever see insurance of any type listed in the liability section of the balance sheet. Expenses are never listed as a liability but when creating a trial balance, post closing trial balance etc. Expenses are listed under the asset section. This is…