What is the opposite of Prepaid?

Prepaid Expenses. Accrued expenses are the opposite of prepaid expenses. Prepaid expenses are payments made in advance for goods and services that are expected to be provided or used in the future. While accrued expenses represent liabilities, prepaid expenses are recognized as assets on the balance sheet.

What is the synonym of Prepaid?

paid (off or up), repaid, settled.

What is the antonym for?

Definition of antonym

: a word of opposite meaning The usual antonym of good is bad.

What is the meaning of word Prepaid?

paid for in advance
(priːpeɪd ) also pre-paid. adjective [usually ADJECTIVE noun] Prepaid items are paid for in advance, before the time when you would normally pay for them.

What is the meaning of prepaid and postpaid?

A prepaid recharge is a payment you make to the telecom company for your mobile phone upfront unlike for postpaid plans in which you pay at the end of the month based on usage.

What is the difference of postpaid and prepaid?

Prepaid users have to recharge and use the plan on a real-time basis. Postpaid users are charged at the end of the monthly billing cycle.

Is prepaid one word?

Also the entry at prepay, which my browser directed me to when I searched for prepaid, does indeed give prepaid as the correct form. The M-W dictionary is the first place to look, according to the Chicago Manual of Style.

What is a synonym for the word pretest?

Synonyms for pretest in English

examine; test; pretest; try out; check; recount; try; count again; request; require; ask; apply to; appeal; query; petition; beg; endeavour; attempt; strive; endeavor.

What are prepaid expenses?

What Is a Prepaid Expense? A prepaid expense is a type of asset on the balance sheet that results from a business making advanced payments for goods or services to be received in the future. Prepaid expenses are initially recorded as assets, but their value is expensed over time onto the income statement.

What does prepaid insurance mean?

Key Takeaways

Prepaid insurance is payments made to insurers in advance for insurance coverage. Insurance companies carry prepaid insurance as current assets on their balance sheets because it’s not consumed. When the insurance coverage comes into effect, it goes from an asset and is charged to the expense side.

What is the meaning of post test?

post·​test ˈpōs(t)-ˌtest. : a test given to students after completion of an instructional program or segment and often used in conjunction with a pretest to measure their achievement and the effectiveness of the program.

Why is prepaid an asset?

Why are prepaid expenses considered assets? Prepaid expenses are recorded as an asset on a business’s balance sheet because they signify a future benefit that is due to the company. Prepaid expenses are amounts paid in advance by a business in exchange for goods or services to be delivered in the future.

What is a prepaid asset?

A prepaid asset is an expense that has already been paid for, but which has not yet been consumed. The concept most commonly applies to administrative activities, such as prepaid rent or prepaid advertising.

Is prepaid expense credit or debit?

Are Prepaid Expenses Debits or Credits? When there is a payment that represents a prepayment of an expense, a prepaid account, such as Prepaid Insurance, is debited and the cash account is credited. This records the prepayment as an asset on the company’s balance sheet.

Is prepaid rent debit?

The initial journal entry for prepaid rent is a debit to prepaid rent and a credit to cash. These are both asset accounts and do not increase or decrease a company’s balance sheet.

Is prepaid rent an expense?

Insurance and rent payments are common prepaid expenses.

Is prepayment an expense?

Definition of Prepaid Expenses

A prepaid expense is an expenditure paid for in one accounting period, but for which the underlying asset will not be consumed until a future period.

Is cash a current asset?

Yes, cash is a current asset, as are “cash equivalents” or things that can quickly be converted into cash, like short-term bonds and investments and foreign currency.