Match the balance sheet account with the income statement account that is typica

Question

Match the balance sheet account with the income statement account that is typically audited concurrently:

1. Bonds Payable

   A. Investment income

2. Property, Plant, and Equipment

                 B. Interest expense

3. Investments

C. Insurance expense

4. Prepaid Insurance

D. Bad debt expense

5. Accounts Receivable

      E. Depreciation expense

1. Bonds Payable

   A. Investment income

2. Property, Plant, and Equipment

                 B. Interest expense

3. Investments

C. Insurance expense

4. Prepaid Insurance

D. Bad debt expense

5. Accounts Receivable

      E. Depreciation expense

Explanation / Answer

Balance Sheet Income statement 1. Bonds Payable                  B. Interest expense 2. Property, Plant, and Equipment E. Depreciation expense 3. Investments    A. Investment income 4. Prepaid Insurance C. Insurance expense 5. Accounts Receivable D. Bad debt expense

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