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Question Practice

Assume Company X has prepaid expenses of $3,000 at the end of the year. How do these affect the profit and loss statement?

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MCQ_SA
CBSE
Class 11
Accountancy
Accountancy - II
Financial Statements - II
Question Bank

Assume Company X has prepaid e...

Single Answer MCQ
Q-00053596

Assume Company X has prepaid expenses of $3,000 at the end of the year. How do these affect the profit and loss statement?

1

They increase current year's expenses

2

They do not affect the current year's expenses

3

They decrease net income

4

They are recorded as liabilities

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