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Prepaid Expenses, Unearned Income, and Other Current Assets

In: Financial Statements

Author

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  • Felix I. Lessambo

    (Fordham University)

Abstract

A prepaid expense is an expenditure that is paid for in one accounting period, but for which the underlying asset will not be entirely consumed until a future period. Therefore, the prepaid expense must not be shown as an expense in the accounting period in which it is paid but instead it must be presented as such in the subsequent accounting periods in which the services in respect of the prepaid expense have been performed.

Suggested Citation

  • Felix I. Lessambo, 2022. "Prepaid Expenses, Unearned Income, and Other Current Assets," Springer Books, in: Financial Statements, edition 2, chapter 0, pages 77-82, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-15663-2_5
    DOI: 10.1007/978-3-031-15663-2_5
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