9. Prepaid expensesisaccount.

1.	9. Prepaid expensesisaccount.
Answer» ANSWER : $\\$ ✎ According to Traditional Approach or English Approach of accounts CLASSIFICATION :- ★ Prepaid Expenses is a Personal Account. It COMES under Representative Personal Account. ✎ According to Modern Approach or American Approach of accounts classification :- ★ Prepaid Expenses is an Asset Account. It comes under CURRENT Asset Account. ________________________________________________________________ KNOW MORE : $\\$ ❒ Accounts are classified on the basis of two APPROACHES :- Traditional Approach or English Approach Modern Approach or American Approach ❒ On the basis of Traditional Approach or English Approach of accounts classification, there are three accounts heads :- Personal Accounts Real Accounts Nominal Accounts ❒ On the basis of Modern Approach or American Approach of accounts classification, there are five accounts heads :- Assets Accounts Liabilities Accounts Capital Accounts Revenue Accounts Expenses Accounts

Answer»

ANSWER :

$\\$

✎ According to Traditional Approach or English Approach of accounts CLASSIFICATION :-

★ Prepaid Expenses is a Personal Account. It COMES under Representative Personal Account.

✎ According to Modern Approach or American Approach of accounts classification :-

★ Prepaid Expenses is an Asset Account. It comes under CURRENT Asset Account.

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❒ Accounts are classified on the basis of two APPROACHES :-

❒ On the basis of Traditional Approach or English Approach of accounts classification, there are three accounts heads :-

❒ On the basis of Modern Approach or American Approach of accounts classification, there are five accounts heads :-