The Adjusting Entry for a Prepaid Expense Always Involves A(n)

question 34

Multiple Choice

The adjusting entry for a prepaid expense always involves a(n) :

• A) asset account and a liability account
• B) expense account and an asset account
• C) expense account and a liability account
• D) liability account and a revenue account

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Definitions:

Figurative Meaning

The symbolic or metaphorical interpretation of words, phrases, or texts, as opposed to their literal meaning.

Abstract Terms

Words that represent ideas, qualities, or concepts that are not tangible or concrete.

Tangible Material World

Refers to the physical, concrete objects and substances that can be seen, touched, and interacted with in the environment.

Specialized Language

A set of terms and jargon specific to a particular profession, subject, or group, often not easily understood by outsiders.