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Unexpired Insurance
The portion of an insurance premium that has not yet expired during the policy period.
Fiscal Period
A specific time period for which an organization prepares financial statements, typically a year, but can also be a quarter or month.
Deferred Expense
A deferred expense is an expenditure that is made in advance and recorded as an asset until it is consumed or its value expires, at which point it is charged to expense.
Accrual Basis
An accounting method where transactions are recorded when they are earned or incurred, regardless of when cash is exchanged.
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