When an Item of Expense Is Paid and Recorded in Advance

question 24

Multiple Choice

When an item of expense is paid and recorded in advance, it is normally called a(n)

• A) prepaid expense.
• B) accrued expense.
• C) estimated expense.
• D) cash expense.

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Definitions:

Marketing Experience

Refers to the background and skills gained in promoting and selling products or services to consumers.

Innovation

The act of implementing novel concepts, gadgets, or techniques to enhance products, services, or operations.

Inadequate Management

The situation where the management of a business fails to make effective decisions or to meet the necessary standards of organization and strategy.

External Factors

Conditions, events, or influences originating outside an organization that can affect its performance and strategic decisions.