State True or False with reason :Prepaid expenses are a liability.

1.	State True or False with reason :Prepaid expenses are a liability.
Answer» This statement is False. Prepaid means paid in advance for the future period. It is the amount paid but has not yet been used up or has not yet expired. So prepaid expenses are an asset.

Answer»

This statement is False.

Prepaid means paid in advance for the future period. It is the amount paid but has not yet been used up or has not yet expired. So prepaid expenses are an asset.

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State True or False with reason :Prepaid expenses are a liability.

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