Prepaid rent is a(n) ________.
A) expense representing rent used up during the period
B) liability representing an obligation to pay for rent
C) part of shareholders' equity
D) asset representing rent that has been paid but not used
Question 2
The specific identification inventory method should be used when the inventory consists of identical, low-cost unitsthat are purchased and sold frequently.
a. True
b. False
Indicate whether the statement is true or false
