Prepaid Rent Is A(n)________ Account and Has a Normal ________

question 110

Multiple Choice

Prepaid Rent is a(n) ________ account and has a normal ________ balance.

• A) asset; debit
• B) liability; credit
• C) liability; debit
• D) asset; credit

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Definitions:

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, typically identified by a fall in GDP in two successive quarters.

Intellectual Influences

The impact or effect that thinkers, theories, or ideas have on an individual's or society's thought processes and philosophies.

Practical Men

Individuals focused on applying theoretical knowledge or techniques to solve real-world problems or achieve practical goals; traditionally used to describe action-oriented people in business or industry.

John Maynard Keynes

An English economist whose concepts significantly altered macroeconomic theory and practice, along with government economic strategies.