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Adjustment for Prepaid Expenses

Expenses paid...

Question

Expenses paid in advance are called ___

A

Outstanding Expenses

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B

Accrued Expenses

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C

Prepaid Expenses

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D

Expenses Payable

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Solution

The correct option is C
Prepaid Expenses

Expenses paid in advance are called prepaid expenses.

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Similar questions

State the meaning of

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State the meaning of:

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(b) Prepaid expenses

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Q. Expenses Paid in advance are called ________.

Q. Classify the following into Assets, Liabilities, Capital, Revenue, and Expenses:

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Q. Adjustment of accrued/outstanding income/expenses is not necessary in ______ system of accounting.

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