Question 19 (1 point) Prepaid expenses are classified as liabilities on the balance sheet. True False

Name: Question 19 (1 Point) Prepaid Expenses Are Classified as Liabilities on the Balance Sheet. True False
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Question

Question 19 (1 point) Prepaid expenses are classified as liabilities on the balance sheet. True False

Answer 1

False. Prepaid expenses are classified as **assets** on the balance sheet. They represent expenses paid in advance, like insurance or rent, that provide a future benefit.

Question

Question 19 (1 point) Prepaid expenses are classified as liabilities on the balance sheet. True False

Solution

Answer