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Question Practice

When a company makes a payment for a service to be rendered next year, it is typically classified as what?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

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

When a company makes a payment...

Single Answer MCQ
Q-00053601

When a company makes a payment for a service to be rendered next year, it is typically classified as what?

1

A current liability

2

A prepaid expense

3

An accrued expense

4

An operating expense

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What does the term 'prepaid expenses' refer to?

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Q4.

How are accrued incomes treated in financial statements?

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