Posted: August 24th, 2022

Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills, insurance premiums, rent, and maintenance contracts are some of the transactions that result in prepaid expense account entries. Thinking about insurance, discuss the control activities, processes, and documentation that you would examine to determine the accuracy of the remaining prepaid account balance.

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Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills, insurance premiums, rent, and maintenance contracts are some of the transactions that result in prepaid expense account entries. Thinking about insurance, discuss the control activities, processes, and documentation that you would examine to determine the accuracy of the remaining prepaid account balance.
Discuss at least two examples of those activities, processes, and documents and identify the one which you believe is the most reliable evidence to support the prepaid transactions. Provide an explanation of your choices using terms learned from the PowerPoints (see attached)

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