Payments of expenses that will benefit more than one accounting period are identified as:
A)expenses.
B)revenues.
C)prepaid expenses.
D)liabilities.

Name: Payments of expenses that will benefit more than one accounting period are identified as: A)expenses. B)revenues. C)prepaid expenses. D)liabilities.
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Question

Quizplus · Accepted Answer

Prepaid expenses are payments made for expenses that will benefit more than one accounting period, such as insurance or rent paid in advance.

Payments of Expenses That Will Benefit More Than One Accounting