When financial statements are prepared, unexpired prepaid accounts are recorded as (expenses/assets/liabilities) and the expired portion of the prepaid account is reported as a(n) (expense/asset/liability).

Question

31-01-2022
Business

contestada

When financial statements are prepared, unexpired prepaid accounts are recorded as (expenses/assets/liabilities) and the expired portion of the prepaid account is reported as a(n) (expense/asset/liability).

Respuesta :

Otras preguntas

A central authority determines what subjects can have access to certain objects based on the organizational security policy is called:A. Mandatory Access Contro

In a eukaryotic gene, the number of nucleotides in the DNA sequence is _____ the number of nucleotides in the mature mRNA sequence.

Candace texts Rosa the following, Hey Rosa, do you want to buy a car for a really great price? Rosa immediately replies, YES!!!! Has there been a meeting of min

Why do you listen to the lung fields in a side to side pattern>

Before leaving San Salvador, Columbus committed an act that was to set the pattern for the future of the Caribbean. What was this act? a) Established a fort b)

. A special value that marks the end of a list of values is aa. constantb. counterc. variabled. sentinele. None of these

What are the two most common types of downer cows observed?

Which statement best describes Winston Churchill? a. Britain’s Prime Minister during most of World War II b. The man who saved Stalingrad and Leningrad c. One o

A 2013 Gallup poll indicated that about 80% of U.S. households had access to a high-speed Internet connection. Assume this rate has not changed. a. Suppose 100

A time period of 10 microseconds is equal to a frequency of A 100 kHz B 10 kHz C 1 Mhz

ACCESS MORE EDU ACCESS

Tundexi Tundexi · Answer 1 · 2022-02-09T10:49:29+01:00

During the preparation of Prepaid account, unexpired prepaid accounts are recorded as expenses and the expired portion of the prepaid account is reported as an asset.

What is a Prepaid account?

In accounting, a Prepaid account reflects the advanced payments for goods or services to be received in the future.

In conclusion, the unexpired prepaid accounts are recorded as expenses and the expired portion of the prepaid account is reported as an asset.