Prepaid expenses is the name for intangible assets that will be used up in the near future;

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Prepaid expenses is the name for intangible assets that will be used up in the near future; that is, they are intangible [current / noncurrent]

assets. (The reason for using the word “expense” will be explained in Part 5 .)

Exhibit 1 shows that Garsden Company had $ of prepaid expenses on December 31, 2012.

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Essentials Of Accounting

ISBN: 9780273771463

11th International Edition

Authors: Leslie K. Breitner

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