Answer:
B. Prepaid insurance is shown on the income statement
Explanation:
Prepaid insurance first and foremost is a current asset and as such will not reflect in the income statement but in the statement of Financial Position or Balance Sheet.
Although, prepaid insurance will be shown as paid within the year, it must be deducted from the insurance premium paid for the current year and then reported in the balance sheet as a current asset.
Prepaid insurance is treated as a current asset because it is an indication of insurance premiums paid for by the company in advance. It is a payment for economic benefits that will be enjoyed in the future, therefore it is a current asset. The only part of an insurance premium that shows in the income statement is the insurance expense paid for insurance benefit enjoyed in the current period
Answer:$100
Explanation:
Accounting profit is total earnings less total cost.
Accounting profit = Total revenue - Total cost
$150 - $50 = $100
Economic profit = Accounting profit - Opportunity cost
$100 - ($20 ×5) = 0
Answer: A. Design/ pre construction.
Explanation:
Architecture is the profession in charge of the design, projection, and construction of structures, such as houses or buildings, focusing on aesthetics and harmony of constructions. This career is very similar to civil engineering but differs in the fact that architecture focuses on design and engineering on construction.
In this case, Erick works on design or preconstruction, that is, drawing the plans of the houses that the structure for which he works is going to build. This is the first step in the construction process.
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