Q30: Which statement best explains Prepaid expense? | UPSC EPFO APFC 2026

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Which statement best explains Prepaid expense?

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Question ID #26598

Which statement best explains Prepaid expense?

Correct Answer: A. Payment made in advance for a future accounting period

Question: Which statement best explains Prepaid expense?

A. Payment made in advance for a future accounting period

B. Depreciation method charging an equal amount each year, subject to residual value

C. Book containing individual accounts to which journal entries are posted

D. Statement reconciling differences between bank balance per books and bank statement

Correct Answer: A. Payment made in advance for a future accounting period

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Which statement best explains Prepaid expense? - MCQ Explanation

This question is useful for exam preparation because it provides direct multiple-choice practice with options, answer checking and explanation.

Correct answer: A. Payment made in advance for a future accounting period