) Expenses paid but relating to next year is known as a) Unexpired expenses b) expenses c) outstanding expenses d) Both b) and c)
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3
Answer:
prepaid expenses
Explanation:
At the end of the accounting year, it is found that the benefits of such expenses have not been fully received; a portion of its benefit would be received in the next accounting year. This portion of expense, is carried forward to the next year and is termed as prepaid expenses.
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Answer: C
OUTSTANDING EXPENSE
Explanation:
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