SACE Stage 2 Accounting Practice Questions - SACE Stage 2 Accounting External Assessment Exam

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A business prepays $12,000 for annual insurance on 1 October 2025. Financial statements are prepared for the year ended 31 December 2025. Under the accrual accounting concept, what amount should be recognized as Insurance Expense for the 2025 financial year?

$$12,000 $$3,000 $$9,000 $$0

Correct Answer:

$$3,000

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