Question 14. Question: The length of time covered by a set of periodic financial statements is referred to as the:
Fiscal cycle Natural business year Accounting period Business cycle Operating cycle
Question 15. Question: On April 30, 2011, a three-year insurance policy was purchased for $ 18,000 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company ' s income statement for the year ended December 31, 2011?
$ 500 $ 4,000 $ 6,000 $ 14,000 $ 18,000
Question 14. Question: The length of time covered by a set of periodic financial statements is referred to as the:
Fiscal cycle Natural business year Accounting period Business cycle Operating cycle
Question 15. Question: On April 30, 2011, a three-year insurance policy was purchased for $ 18,000 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company ' s income statement for the year ended December 31, 2011?