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An unearned revenue on the income
statement
An asset on the balance sheet
An operating activity on the statement of
cash flows
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