Prepayment is an advance payment made before the actual delivery of goods or services. Prepayment is made to secure a future service or product. It is recorded as a liability until the goods or services are received. Once the goods or services are delivered, the prepayment is recognized as an expense or an asset. Common examples include prepaying for a hotel room or a subscription service.

Tech Mahindra Interview Questions: What is Prepayment?

Asked inTech Mahindra,Oracle Cloud HCM Consultant

What is Prepayment?

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Prepayment is an advance payment made before the actual delivery of goods or services.

Prepayment is made to secure a future service or product.
It is recorded as a liability until the goods or services...read more

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Tech Mahindra Oracle Cloud HCM Consultant Interview Questions

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