Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location PL
Mob_nav_barsMENU

IIA Exam CPEA Topic 1 Question 67 Discussion

Actual exam question for IIA's CPEA exam
Question #: 67
Topic #: 1
[All CPEA Questions]

A business incurring costs for rent accrued at a balance sheet date on space the business occupies should most properly list the rent cost on the business's balance sheet as which one of the following?

Show Suggested Answer Hide Answer
Suggested Answer: B

by Blair at Dec 14, 2023, 11:47 AM

Limited Time Offer

25%

Off

Get Premium CPEA Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel
Vi
11 days ago
Aha! The answer is clearly D. Current liabilities. Rent accrued at the balance sheet date is a liability, not an asset or deferred income. Easy peasy!
upvoted 0 times
...
Paulina
14 days ago
I'm not sure, but I think it could also be considered as current liabilities since it's a cost that needs to be paid in the future.
upvoted 0 times
...
Andree
15 days ago
I agree with Phuong, listing it as prepaid expenses makes sense because the rent has already been paid for but not yet used.
upvoted 0 times
...
Phuong
27 days ago
I think the rent cost should be listed as prepaid expenses.
upvoted 0 times
...

Save Cancel
az-700  pass4success  az-104  200-301  200-201  cissp  350-401  350-201  350-501  350-601  350-801  350-901  az-720  az-305  pl-300  

Warning: Cannot modify header information - headers already sent by (output started at /pass.php:70) in /pass.php on line 77