Difference between revisions of "Prepayments"

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''Accounting''.  
 
''Accounting''.  
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Amounts owing to the business as a result of paying in advance for services.   
 
Amounts owing to the business as a result of paying in advance for services.   
  
 
A prepayment is a form of asset, because it represents benefits (in the form of valuable services) that the business is entitled to receive in the future, in consideration for cash that the business has already paid out.
 
A prepayment is a form of asset, because it represents benefits (in the form of valuable services) that the business is entitled to receive in the future, in consideration for cash that the business has already paid out.
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== See also ==
 
== See also ==
 
* [[Accrual]]
 
* [[Accrual]]
 
 

Revision as of 13:05, 21 August 2013

Accounting.

Amounts owing to the business as a result of paying in advance for services.

A prepayment is a form of asset, because it represents benefits (in the form of valuable services) that the business is entitled to receive in the future, in consideration for cash that the business has already paid out.


See also