Paid for a 6-month magazine subscription.

a. Prepaid expense
b. Accrued expense
c. Unearned revenue
d. Accrued revenue
e. None of these

Ans: a. Prepaid expense

Business

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Which of the following best describes the process of taxing real estate according to its value?

a. ad valorem b. assessment c. appraisal d. special assessment

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________ is a major disadvantage of the corporate form of business

A) Double taxation B) Unlimited liability C) Lack of ability to raise capital D) Transfer of ownership

Business