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Unexpired insurance for the fiscal period is considered an asset, specifically a prepaid expense, rather than an expense. This is because it represents a payment made for insurance coverage that extends beyond the current accounting period, providing future economic benefits. As time passes and the coverage period elapses, the prepaid insurance will then be recognized as an expense in the income statement.
What else can I help you with?
What is the total amount spent on the PO Box expense category for the current fiscal year?
The total amount spent on the PO Box expense category for the current fiscal year is 5,000.
What is the total amount spent on the software expense category for the current fiscal year?
The total amount spent on software expenses for the current fiscal year is 500,000.
Revenue and expense accounts are considered temporary accounts because they?
they are temporary accounts because they are closed out at the end of each fiscal period.
What is a Depreciation Expense in accounting?
Depreciation expense is the process of reducing the cost of fixed asset during the fiscal life of a long term asset through annual fixed amount of expense charged to profit and loss account of business in which that long term asset is utilized in business to generate revenue.
Is depreciation a liability?
Depreciation is not a liability rather it is an expense and it is that part of full cost of fixed asset upto which company has utilized that asset in revenue generation in one specific fiscal year and as benefit is already taken and cash already paid it is expense rather then liability which deals with future.
Unexpired insurance at the end of the fiscal period represents is it an accured asset liability expense or deferred expense?
deferred nexpense
The unexpired insurance at the end of the fiscal period represents?
Unexpired insurance at the end of fiscal year is that amount of insurance paid in advance but part of which is not consumed during fiscal year.
What is the proper adjusting entry based on a prepaid insurance account balance before adjustment of 14000 and unexpired insurance of 3000 for the fiscal year ending on April 30?
To adjust the prepaid insurance account, you need to recognize the amount of insurance that has expired during the fiscal year. Starting with a prepaid insurance balance of $14,000 and an unexpired insurance amount of $3,000, the expired insurance is $14,000 - $3,000 = $11,000. The proper adjusting entry would be a debit to Insurance Expense for $11,000 and a credit to Prepaid Insurance for $11,000.
What is the proper adjusting entry at April 30 the end of the fiscal year based on a prepaid insurance account balance before adjustment 16000 and unexpired amounts per analysis of policies 6000?
debit insurance expense 10000 credit prepaid insurance 10000
What is the total amount spent on the PO Box expense category for the current fiscal year?
The total amount spent on the PO Box expense category for the current fiscal year is 5,000.
Is equipment rental an expense?
Yes if equipment is leased on rent then rental payment is expense through income statement of that specific fiscal year.
What are the duties of policyholders in mutual life insurance companies?
the policyholders elect the board of directors who run the company. In this way, mutual policyholders participate in the fiscal management of the company and share in decisions regarding mortality expense
What is the total amount spent on the software expense category for the current fiscal year?
The total amount spent on software expenses for the current fiscal year is 500,000.
The cost of fixed assets recognized as being consumed during a fiscal period is recorded as?
depreciation expense
Do most businesses remove Bad Debt expense from their books at the end of the fiscal calendar year?
yes
Most businesses remove Bad Debt expense from their books at the end of the fiscal calendar year?
yes
Is the purchase of a route a capital expense?
If route is purchased for one fiscal year then it is a revenue expense, but if route is purchased for morethan one year then first year purchase portion is revenue expense and remaining portion is long-term asset.
