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here are some expense recognition key points to keep in mind one only recognize expenses in the accounting period in which the benefit is received which should match the related revenue too if you acquire something that will provide future value it will be an asset often a prepaid but not always until the benefit is received and the acid is expensed 3 at year-end review all asset account balances to determine if they still have value if not record an adjusting entry to expense them for at year-end review your expense account balances to ensure no future value exists if future value exists they may need adjusting hopefully this has helped you understand the concept of deferred expenses where cash is paid before the expenses recognized wish you all the best on the quiz Aloha