Write a word / term / phrase which can substitute the statement: Expenses which are paid before they are due.
Q.1 (B) (i) Write a word / term / phrase which can substitute the statement: Expenses which are paid before they are due.
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Answer: Prepaid expenses
Expenses paid in advance for a period that has not yet expired are prepaid expenses. They are deducted from the expense in the Profit and Loss Account and shown as an asset in the Balance Sheet.
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· 28 Oct 2026
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