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Which of the phrases best describes a prepaid transaction

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Problem 1: Which of the following phrases best describes a prepaid transaction?

a. The cash occurred before the expense or revenue is recognized.

b. The cash occurrred after the expense or revenue is recognized.

c. The cash occurred at the same time as the expense or revenue is recognized.

d. No listed answer is correct.

Problem 2: A contra account will not

a. be listed immediately after its related account.

b. be potentially classified as a contra-assets or contra-liabilities.

c. always has a normal debit balance.

d. has a normal balance which is the opposite of its related account.

Reference no: EM133003592

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