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Question Practice

If a business pays $1,000 for an insurance policy to cover the next year, how much would be recognized as a prepaid expense?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 11
Accountancy
Accountancy - II
Financial Statements - II
Question Bank

If a business pays $1,000 for ...

Single Answer MCQ
Q-00053595

If a business pays $1,000 for an insurance policy to cover the next year, how much would be recognized as a prepaid expense?

1

$0

2

$500

3

$1,000

4

$1,200

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