GB 518 RANK Let's Do This /gb518rank.com GB 518 RANK Let's Do This /gb518rank.com | Page 56

Business entity principle
Matching principle
Full disclosure principle
Question 25. Question :
Prepaid expenses are:
Payments made for products and services that do not ever
expire
Classified as liabilities on the balance
sheet
Decreases in retained earnings
Assets that represent prepayments of
future expenses
Promises of payments by customers
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