Examlex
The flattening and bulging action of the lens is known as
Credit
An accounting entry that increases liabilities or equity or decreases an asset or expense.
Prepaid Insurance
An asset account that reflects payments made for insurance coverage periods extending into the future; it is expensed over time as the coverage period lapses.
Normal Balance
Refers to the debit or credit balance that is expected on a specific type of account based on its accounting rule.
Contra Asset
An asset account where the account balance is a negative amount that reduces the total value of assets on the balance sheet.
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