Payables & Receivables

Prepaid expense is a

• Current liability

• Current asset

• Asset

• Liability

Accrued income is a

• Current asset

• Current liability

• Asset

• Liability

Income statement in Expense account contains

• All expenses paid for the year

• All expenses not paid for the year

• Actual expense for the year

• Actual expense plus accrues amount

Opening prepaid expense has a ..........balance

Closing accrued expense is recorded on ...............side

Prepaid rent received is a .............

An expense account can have which balance

• Only Debit

• Only Credit

• Both Debit and Credit

• All of them

In the Income account bank is recorded on which side

Accrued expense is recorded in Balance Sheet as

• Current Liability

• Non current liability

• Other Receivable

• Current Liability Other Payable

• Liability

Rent account includes rent paid for the owners residence, which accounting principle is violated

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