$5$ of $30$ Concepts completed

Multiple Select Question

Select all that apply

Which of the following are accurate statements regarding how to report or treat prepaid accounts?

The unexpired portion of prepaid accounts are treated as assets.

The expired portion of prepaid accounts is treated as liabilities.

Over time, the expired portion of prepaid accounts is transferred from the asset account and reported as an expense.

The expired portion of prepaid accounts is reported on the income statement as an expense.