Question

Expenses which are paid in a current year but are related to next year are called?

A.outstanding Expenses
B.prepaid expenses
C.Loss
D.none of the above
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Answer 1

Answer:

B.prepaid expenses

Explanation:

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Answer 2

Answer:

b. prepaid expenses.

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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.