A Prepayment Is Originally Recorded as an Asset

question 136

Multiple Choice

A prepayment is originally recorded as an asset.Later,at the end of the accounting period,an adjustment is recorded causing a(n) ______ in the asset account and a(n) ______ in the expense account.

• A) increase; increase
• B) increase; decrease
• C) decrease; decrease
• D) decrease, increase

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Definitions:

Ashanti and Dahomey

African kingdoms known for their powerful militaristic and rich cultural histories; the Ashanti in what is now Ghana and Dahomey, now known as Benin.

African States

Refers to the countries on the African continent, each with its own distinct cultures, languages, and political structures.

Race

A social construct used to categorize humans into large and distinct populations based on various factors such as ancestry, physical appearance, and cultural history.