Prepaid Expenses Is Shown Under _______ Side Of Balance Side.

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Solution

The answer is Asset.

Prepaid expenses are shown under the asset side of the balance side.

The amount of prepaid expenses that will be used up within one year are reported on a company’s balance sheet as a current asset.

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Similar questions

Show the treatment of prepaid expenses, depreciation and closing stock at the time of preparation of final accounts when:

(a) When given inside the Trial Balance?

(b) When given outside the Trial Balance?

State whether the following statement are true or false.

1. Final Accounts are prepared on the basis of Trial Balance.
2. Trading Account is a part of Profit & Loss Account.
3. Profit Loss Account is prepared to find out Gross Profit or Gross Loss.
4. Gross Profit or Gross Loss is transferred to Balance Sheet.
5. An amount of net profit is added to the capital.
6. All indirect expenses are debited to trading account.
7. Balance Sheet is a statement and not an account.
8. Capital account is a personal account.
9. Amount of prepaid expenses appears on assets side.
10. Bank Overdraft is a liability of business concern.

Q. State whether the following statement are True or False.

Prepaid expenses are shown on the asset side of the Balance Sheet.

Q. State whether the following statement are True or False.

Outstanding expenses are shown on the liability side of the Balance Sheet.

Q. Prepaid expenses is shown under ___________ side of balance side.

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Prepaid Expenses Is Shown Under _______ Side Of Balance Side.

The answer is Asset. Prepaid expenses are shown under the asset side of the balance side. The amount of prepaid expenses that will be used up within one year are reported on a company’s balance sheet as a current asset. Explore more such questions and answers at BYJU’S.

The answer is Asset.

Prepaid expenses are shown under the asset side of the balance side.

The amount of prepaid expenses that will be used up within one year are reported on a company’s balance sheet as a current asset.

Explore more such questions and answers at BYJU’S.