A business pays for an annual subscription to a professional database on 1 April 2026, with the subscription commencing on 1 May 2026. At 30 April 2026 (year end), the amount paid should be classified as:

Question

Answer

Owner's equity in the statement of changes in equity

Answer

A prepaid asset in the balance sheet as at 30 April 2026

Answer

An expense in the income statement for the period ended 30 April 2026

Answer

A liability in the balance sheet as at 30 April 2026

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A business pays for an annual subscription to a professional database on 1 April...

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