Prepaid accounts (also called prepaid expenses) are generally:
A. Promises of payments by customers.
B. Decreases in equity.
C. Assets from prepayments of future expenses.
D. Payments made for products and services that never expire.
E. Classified as liabilities on the balance sheet.
Answer: C
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A. 1 percent. B. 2 percent. C. 7 percent. D. 10 percent.
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