The Supplies account is an example of a(n):
A) accrued revenue.
B) accrued expense.
C) prepaid expense.
D) unearned revenue.

Name: The Supplies account is an example of a(n): A) accrued revenue. B) accrued expense. C) prepaid expense. D) unearned revenue.
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Question

Quizplus · Accepted Answer

The Supplies account is typically classified as a prepaid expense because it represents items that have been paid for in advance and will be used over time. As these supplies are consumed, the expense will be recognized.

The Supplies Account Is an Example of A(n)