What Type of Account Is Prepaid Rent and What Is

question 48

Multiple Choice

What type of account is Prepaid Rent and what is its normal balance?

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

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Definitions:

Competitive Parity

A marketing strategy where companies set their levels of spending to match competitors, aiming to prevent market share loss.

Objective and Task

A method in marketing where specific objectives set the foundation for determining the strategies and tasks needed to achieve those marketing goals.

Linear Forecast

A prediction method that assumes a straight-line relationship between variables over time, typically used to estimate future values based on past data.

All-You-Can-Afford

A budgeting approach where spending on marketing or other business activities is based on what a company can afford rather than strategic planning or revenue projections.