On 1 July 2014 Tan Traders Paid $600, Representing a Two-Year

question 60

Multiple Choice

On 1 July 2014 Tan Traders paid $600, representing a two-year insurance premium. The $600 was initially recorded in the Insurance expense account. After adjustment at 31 December 2015, the close of the annual accounting period:

• A) insurance expense in the income statement is $600 and prepaid insurance in the balance sheet is $0.
• B) insurance expense in the income statement is $150 and prepaid insurance in the balance sheet is $450.
• C) insurance expense in the income statement is $450 and prepaid insurance in the balance sheet is $0.
• D) insurance expense in the income statement is $300 and prepaid insurance in the balance sheet is $150.

Explain the interaction between economic policies, environmental impact, and resource sustainability.

Identify the factors contributing to the overexploitation of fisheries and solutions to mitigate this issue.

Analyze the influence of economic growth on environmental performance and sustainability.

Discuss the role of innovative technologies (e.g., fracking) in changing the dynamics of energy supply.

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Definitions:

Oxygen Consumption

Oxygen consumption refers to the rate at which oxygen is used by tissues in the body, a critical measure of metabolic activity and energy expenditure.

Carbon Dioxide

A colorless, odorless gas produced by burning carbon and organic compounds and by respiration. It is naturally present in air and is absorbed by plants in photosynthesis.

Sleep State Misperception

A condition where an individual perceives their sleep quality or quantity to be different than it objectively is, often believing they slept less than they did.

Mortality Risk

The risk or probability of death within a specific time period, often used in medical and insurance contexts to assess population health.