Fischer Consulting Paid $18,000 on December 1, 2010 for a Three-Year

question 48

Multiple Choice

Fischer Consulting paid $18,000 on December 1, 2010 for a three-year insurance policy (December 1, 2010 to November 30, 2013) and recorded the entire amount as prepaid insurance.The December 31, 2010 adjustment should be recorded as follows:

• A)debit prepaid insurance and credit insurance expense $500.
• B)debit insurance expense and credit prepaid insurance $500.
• C)debit insurance expense and credit prepaid insurance $17,500.
• D)debit prepaid insurance and credit insurance expense $17,500.

Understand the legal requirements and consequences surrounding licensing for professional practice.

Recognize the conditions under which contracts violating state or federal statutes can be deemed invalid.

Learn about the distinction between necessary and non-necessary goods and services for minors.

Explore the concept of ratification and its effects on contract enforceability.

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Definitions:

Pedagogy

The method and practice of teaching, especially as an academic subject or theoretical concept.

Adult Learner

An individual engaged in the learning process who is beyond traditional college age and often has responsibilities such as work and family.

Informal Learning

Education that occurs outside the formal academic environment, such as learning through life experiences, work, and social interactions.

Workplace Learning

Acquiring knowledge or skills through experiences, practices, and activities within the work environment, often in a practical, job-related context.