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Exam CIMAPRA17-BA3-1 Topic 4 Question 103 Discussion
CIMA Exam CIMAPRA17-BA3-1 Topic 4 Question 103 Discussion
Actual exam question for CIMA's CIMAPRA17-BA3-1 exam
Question #: 103
Topic #: 4
[All CIMAPRA17-BA3-1 Questions]
Which of the following is the correct double entry for a prepayment?
A
Debit expense Credit prepayment (current asset)
B
Debit prepayment (current liability) Credit expense
C
Debit prepayment (current asset) Credit expense
D
Debit expense Credit prepayment (current liability)
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Nov 19, 2024, 01:40 AM
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Tammara
1 months ago
C) Debit prepayment (current asset) Credit expense. It's like a secret accounting handshake, you know?
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Lorita
1 months ago
Prepare to be amazed, folks! The answer is C. Prepayments are current assets, not liabilities. Simple as that.
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Adolph
4 days ago
Prepare to be amazed, folks! The answer is C. Prepayments are current assets, not liabilities. Simple as that.
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Selma
5 days ago
D) Debit expense Credit prepayment (current liability)
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Catarina
5 days ago
Prepare to be amazed, folks! The answer is C. Prepayments are current assets, not liabilities. Simple as that.
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Phuong
6 days ago
D) Debit expense Credit prepayment (current liability)
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Edelmira
7 days ago
C) Debit prepayment (current asset) Credit expense
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Yuriko
8 days ago
B) Debit prepayment (current liability) Credit expense
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Kanisha
9 days ago
A) Debit expense Credit prepayment (current asset)
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Gail
9 days ago
C) Debit prepayment (current asset) Credit expense
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Lang
10 days ago
B) Debit prepayment (current liability) Credit expense
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Ling
29 days ago
A) Debit expense Credit prepayment (current asset)
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Ressie
1 months ago
Hmm, this one's tricky. Let me think... Ah, got it! C is the way to go. Prepayments are assets, not liabilities.
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Novella
1 months ago
Hmm, I see your point. But I still think option C is the correct one.
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Lillian
2 months ago
I disagree, I believe it should be Debit expense Credit prepayment (current liability).
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Cletus
2 months ago
Definitely C. Prepayments are assets, not liabilities. Someone needs a refresher on their accounting basics.
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Ocie
5 days ago
Definitely not A or D, those entries are incorrect for a prepayment.
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Caprice
6 days ago
Yeah, prepayments should be debited to a current asset account and credited to an expense account.
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Sabra
7 days ago
I agree, C is the correct double entry for a prepayment.
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Alethea
23 days ago
I think it's C. Prepayments are assets, not liabilities.
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Novella
2 months ago
I think the correct double entry for a prepayment is Debit prepayment (current asset) Credit expense.
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Broderick
2 months ago
C) Debit prepayment (current asset) Credit expense. Gotta love those prepayments!
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Renea
28 days ago
C) Debit prepayment (current asset) Credit expense
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Evelynn
30 days ago
B) Debit prepayment (current liability) Credit expense
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Danica
1 months ago
A) Debit expense Credit prepayment (current asset)
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Tammara
1 months agoLorita
1 months agoAdolph
4 days agoSelma
5 days agoCatarina
5 days agoPhuong
6 days agoEdelmira
7 days agoYuriko
8 days agoKanisha
9 days agoGail
9 days agoLang
10 days agoLing
29 days agoRessie
1 months agoNovella
1 months agoLillian
2 months agoCletus
2 months agoOcie
5 days agoCaprice
6 days agoSabra
7 days agoAlethea
23 days agoNovella
2 months agoBroderick
2 months agoRenea
28 days agoEvelynn
30 days agoDanica
1 months ago