Match the Type of Account (A Through E) with the Business

question 132

Multiple Choice

Match the type of account (a through e) with the business transactions that follow.
-Paid for one year's insurance policy.

• A)Prepaid expense
• B)Accrued expense
• C)Unearned revenue
• D)Accrued revenue
• E)None of these choices

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Definitions:

Disclosure

The act of making something known or public, especially information that was previously secret or confidential.

Conflicts of Interest

Situations in which a person or organization is involved in multiple interests, financial or otherwise, which could potentially interfere with their duties or impartiality.

Professional Responsibility

The ethical and moral obligations that professionals have towards their clients, society, and their profession, including maintaining competence and confidentiality.

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Offering expert advice in a particular area or specialty to improve a client or organization's performance or strategy.