11.Prepaid Insurance is an example of a current asset.
a.True
b.False
12.Land is an example of a plant asset.
13.Liabilities that will be due within one year or less and that are to be paid out of current assets are called currentliabilities.
14.The amount of the net income for a period appears on both the income statement and the balance sheet for thatperiod.
15.Accrued taxes payable are generally reported on the balance sheet as a current liability.
16.Office Equipment is an example of a current asset account.
17.Common stock and dividends are reported in the stockholders' equity section of the balance sheet.
18.Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.
19.Unearned revenues that will be earned in a relatively short period of time are listed on the balance sheet as currentassets.
20.Accrued expenses are ordinarily listed on the balance sheet as current assets.
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