Optum Financial Analyst Interview Questions and Answers

Prepaid expenses are assets paid in advance while outstanding expenses are liabilities yet to be paid.

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

• Journal entry for prepaid expense: Debit Prepaid Expense, Credit Cash/Bank.

• Outstanding expenses are recorded as liabilities on the balance sheet until they are paid.

• Journal entry for outstanding expense: Debit Expense, Credit Acc...read more