Genpact Senior Manager Interview Questions and Answers for Freshers

Prepaid expenses are costs that have been paid in advance but have not yet been incurred.

• Prepaid expenses are recorded as assets on the balance sheet until they are used up or expire.

• Common examples of prepaid expenses include prepaid rent, insurance premiums, and subscriptions.

• To account for prepaid expenses, they are initially recorded as a debit to a prepaid expense asset account and a credit to cash or accounts pay...read more