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Retained Earnings is always considered as liability to the firm.

Subject Economics

The correct answer among the various given choices is letter e. Prepayment is the account described as an amount simply paid in  advance for goods or services  anticipated to be received by the  entity in the future.


Prepayment or Prepaid Expenses is considered an asset which is classified under current asset. A prepaid expense is an advance expenditure that is under current asset section in the balance sheet until the prepaid item is consumed. Prepaid expenses are normally used or consumed within the normal operating cycle of the business or within 1 year.

Once consumption occurred, the portion used will be removed from prepaid expense account in the balance sheet and now reported to be a part of expense account in the income statement.

Example of Prepaid ExpensesPrepaid InsurancePaying rent before occupying

For additional information about prepaid expense as a quick asset


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