prepaid expense
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Prepaid expenses are payments made for expenses that have not yet been incurred. They represent advanced payments for supplies, rent, utilities, and other costs that will be consumed or used in future accounting periods. Examples of prepaid expenses include prepaid rent, fees, subscriptions, insurance, and supplies. Prepaid expenses are recorded as assets on the balance sheet initially, then portions are expensed and moved to the income statement in subsequent periods as the benefits of the prepayments are consumed.
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Sure, let's go through the main concepts of financial statements, their advantages and disadvantages, and provide examples and relevant ratio calculations.
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1. Income Statement
Concept:
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Example:
Sure, let's go through the main concepts of financial statements, their advantages and disadvantages, and provide examples and relevant ratio calculations.
Main Financial Statements
1. Income Statement
2. Balance Sheet
3. Cash Flow Statement
4. Statement of Changes in Equity
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Concept:
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Sure, let's go through the main concepts of financial statements, their advantages and disadvantages, and provide examples and relevant ratio calculations.
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prepaid expense
- 1. Bangladesh University of Professionals Accounting and Information Systems Md. Halimuzzaman Himel Roll:18211026 Section : B 1
- 3. What is Prepaid Expense? Prepaid expenses represent payments made for expenses which have not yet been incurred. In other words, these are "advanced payments" by a company for supplies, rent, utilities and others that are still to be consumed. 3
- 4. Prepaid Expense –what are they? Expense on income statement? 4
- 5. Prepaid Expense –what are they? Assets on the Balance Sheet. 5
- 6. Examples of Prepaid Expense Prepaid Rent Prepaid Fees Prepaid Subscriptions 6
- 7. Prepaid Expense – Other Examples • Supplies are prepaid expense . -have future benefits Become Expenses when used 7
- 8. Prepaid Expense – Other Examples Insurance Companies purchase insurance to protect themselves from losses due to fire ,theft and unforeseen events. Insurance must be paid advance and recorded as an increase in the asset account prepaid Insurance. At the financial statement date , company increase Insurance expense and decrease prepaid Insurance for the cost of insurance that has expired during the period. 8
- 9. How prepaid Expenses are recorded? • ADC company prepay rent for 3 months in advance on 1st April. Rent is 9000$ . How they record it ? On 31st April Date Particulars Debit Credit 1st April Prepaid rent 9000 cash 9000 Date Particulars Debit Credit 31stApril Rent expense 3000 Prepaid rent 3000 9
- 10. THANK YOU 10