Question

Expenses paid and recorded as assets before they are used are called

Answer 1

Explanation:

Revenues received in cash and recorded as liabilities before they are earned. ... 15 Post Closing Trial Balance - a trial balance completed after preparation of the financial statements and completion of the closing entries. It consists only of the balance sheet accounts (assets

Answer 2

Expenses paid and recorded as assets before they are used are called Pre paid expanses

Explanation:

• Prepaid expenses are considered as assets and as mentioned they are prepaid so therefore these are recorded in the accounting year before they are used or before their collected.
• In a more detailed way prepaid expenses are considered to be future expenses in which the party has paid the amount in advance.
• As the amount for this particular expense expires or and the current assets value reduced and the amount paid of the particular reduction of the Asset will be reported as an expense therefore it is considered an expense.