Prepaid Accounts (Also Called Prepaid Expenses) Are Generally

question 22

Multiple Choice

Prepaid accounts (also called prepaid expenses) are generally:

• A) Payments made for products and services that never expire.
• B) Classified as liabilities on the balance sheet.
• C) Decreases in equity.
• D) Assets that represent prepayments of future expenses.
• E) Promises of payments by customers.

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Definitions:

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Remarriage

The act of marrying again after the termination of a previous marriage by divorce or widowhood.