What Type of Account Is Prepaid Rent

question 5

Multiple Choice

What type of account is Prepaid Rent?

• A) an expense
• B) shareholders' equity
• C) an asset
• D) a liability

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Definitions:

Personal Moral Philosophy

An individual's set of beliefs, principles, and values regarding what is right and wrong, guiding personal behavior and decisions.

Universal Rights

Fundamental rights believed to be entitled to all individuals regardless of nationality, location, language, or any other factor.

Social Responsibility

The obligation of individuals and organizations to act in ways that benefit society at large, beyond their own interests or profit.

Utilitarianism

An ethical theory suggesting that the best action is the one that maximizes utility, or the greatest good for the greatest number of people.