Which of the following statements is false?
A)The unearned revenue account has a credit balance.
B)The revenue account has a credit balance.
C)An expense account has a debit balance.
D)A prepaid expense account has a credit balance.

Question

Quizplus · Accepted Answer

A prepaid expense account has a debit balance, not a credit balance. A prepaid expense account represents an asset that has been paid for in advance but has not yet been used or consumed, so its value is recorded on the debit side of the account.

Which of the Following Statements Is False