MC12 What is a prepaid expense?
A. An expense that has been incurred but not yet paid
B. An expense that has been paid in advance
C. An asset that has been acquired but not yet used
D. An asset that has been used up
Answer:A
MC12 What is a prepaid expense?
A. An expense that has been incurred but not yet paid B. An expense that has been paid in advance C. An asset that has been acquired but not yet used D. An asset that has been used up