Question

what type of account is insurance premium​

Answer 1

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$\huge{\blue{Insurance \:premium}}$

♈✨Prepaid insurance is considered a business asset, and is listed as an asset account on the left side of the balance sheet. The payment of the insurance expense is similar to money in the bank, and the money will be withdrawn from the account as the insurance is "used up" each month or each accounting period.

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Answer 2

The Insurance premium account is Personal Account.

• Accounting is the process of recording, classifying, and summarising financial transactions, as well as analyzing their outcomes.
• Accounting is a science as well as a form of art.
• A good accounting system is necessary for the proper management of a company's business activities, regardless of how big or little it is.
• A personal account is created specifically to satisfy the needs of a single individual. It's a slang phrase for accounts that are "corporate" or "business."