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No, a prepaid expense is not considered a quick asset. Quick assets are those that can be quickly converted into cash, such as cash, marketable securities, and accounts receivable. Prepaid expenses represent payments made in advance for goods or services to be received in the future, making them less liquid and not readily convertible to cash.
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What is nature of Prepaid expense?
Asset
Is a prepaid expense on the balance sheet or the income statements?
A prepaid expense is an asset listed on the balance sheet.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is insurance expense an asset or liability?
Prepaid insurance would be an asset. Insurance expense is when the insurance has been used up, thus making it an actual expense on the Income Statement. Whereas Prepaid Insurance on a Balance sheet is classified as an Asset.
Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
What is nature of Prepaid expense?
Asset
Is a prepaid expense on the balance sheet or the income statements?
A prepaid expense is an asset listed on the balance sheet.
What does an asset expense relationship exist with?
prepaid expense adjusting entries
What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is insurance expense an asset or liability?
Prepaid insurance would be an asset. Insurance expense is when the insurance has been used up, thus making it an actual expense on the Income Statement. Whereas Prepaid Insurance on a Balance sheet is classified as an Asset.
Is expense a asset or liability?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
What is prepaid expense and where is it reported in the financial statements?
Prepaid expense is that amount of expense which is paid in advance and expense is not actually incurred and prepaid expense is current assets of business and show under assets side of balances heet.
Account type and normal balance of prepaid expense?
asset, debit
What is the difference between prepaid rent and rent expense?
Prepaid rent is an asset and represents and advance payment for a future benefit Rent expense is an expense and is the expended portion of the rent consumed.
