:Prepaid expenses are payments not yet made by the company always paid a year in advance the amortized portions of expenses paid for in advance the unused or unexpired portions of expenses paid for in advance

## Step1: Define Prepaid Expenses<br />### Prepaid expenses are payments made in advance for goods or services to be received in the future. They are considered assets until they are used or expire.<br /><br />## Step2: Identify the Correct Option<br />### The correct definition of prepaid expenses is the unused or unexpired portions of expenses paid for in advance.