What is an insurance expense in accounting?
What is Insurance Expense? Insurance expense is the amount that a company pays to get an insurance contract and any additional premium payments. The payment made by the company is listed as an expense for the accounting period.
Is insurance expense an asset or liability?
Definition of Insurance Expense\n\n Any prepaid insurance costs are to be reported as a current asset.
What is insurance expense classified as?
When you pay for the insurance policy, you credit cash because cash is reduced. As time elapses, you allocate the insurance expense to each month in a journal entry that can be automatically created (dividing an annual policy cost by twelve months). The account debit is insurance expense, which is increased.
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