Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 10 - No. 47)
What is the impact of adjusting for prepaid expenses?
Increases assets and increases expenses.
Decreases assets and increases expenses.
Increases assets and decreases expenses.
Decreases assets and decreases expenses.
Explanation
As a prepaid expense is used, the asset decreases and an expense is recognized.
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