The Account Type and Normal Balance of Prepaid Expense Would

question 84

Multiple Choice

The account type and normal balance of Prepaid Expense would be

• A) revenue, credit
• B) expense, debit
• C) liability, credit
• D) asset, debit

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Definitions:

Penalties

Punishments imposed for violating a law, rule, or contract.

Environmental Pollution

The contamination of the natural environment by pollutants causing adverse effects on living organisms and the ecosystem.

Environmental Regulations

Rules and standards implemented by governments to control pollution and protect the environment.

Annual Statement

A comprehensive report detailing a company’s financial performance over the previous year, including income, expenses, and profit or loss.