Examlex
Which of the following would be an example of commodification?
Trial Balance
A trial balance is a bookkeeping report that lists the balances in each of an organization's general ledger accounts to check the mathematical accuracy of the accounting entries.
Prepaid Insurance
An asset account representing insurance premiums paid in advance, which are expensed as the insurance coverage pertains to future accounting periods.
Fees Earned
Revenue generated from professional services provided to clients.
Insurance Expense
The cost incurred by a business for obtaining insurance coverage against risks, reflected as a periodical premium payment in financial statements.
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