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 16. Question :
Based on the following
information, what would be the beginning balance in the
Retained Earnings Account, assuming all accounts have a
normal balance?