Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 41 - No. 43)
What happens to the prepaid insurance at the end of the accounting period?
The expense is written off to the owner.
A portion of the insurance will become the expense.
The insurance is returned to the insurance company.
The insurance is written off.
Explanation
A portion of the prepaid insurance becomes an expense.
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