The Account Type and Normal Balance of Prepaid Expense Is

question 118

Multiple Choice

The account type and normal balance of Prepaid Expense is

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

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Definitions:

Sales Revenue

The total amount of money generated by the sale of goods or services related to the company's primary operations.

Competitive Set

A group of firms, products, or brands that a company considers its competitors in the market when making strategic decisions.

Product Groupings

The categorization of products based on similarities in their characteristics, function, or target market.

Sales Goal

A specific, set target for the amount of sales that a company or individual aims to achieve within a certain time frame.