Which of the following is TRUE about the treatment of insurance premium paid in advance
A. Current asset
B. Current liability
C. Short term liability
D. Fixed asset
Answer: Option A
Solution (By Examveda Team)
Current asset is TRUE about the treatment of insurance premium paid in advance. Current assets represent all the assets of a company that are expected to be conveniently sold, consumed, utilized or exhausted through the standard business operations, which can lead to their conversion to a cash value over the next one year period.This Question Belongs to Commerce >> Accounting
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