Which of the Following Statements Is False

question 87

Multiple Choice

Which of the following statements is false?

• A)Prepaid insurance is a liability reported on the balance sheet.
• B)Prepaid insurance indicates that a company has already paid cash for insurance coverage that protects the company for some future time period.
• C)Prepaid insurance is a deferred expense.
• D)Prepaid insurance represents a future economic benefit.

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