Examlex
Match each term with a statement below.
-Discuss why it is helpful to think of items as instances of a class.
Insurance Account
An account used to track payments for insurance policies and the portion of the premium that has been used (expired) or is still in effect (unexpired).
Accounting Period
A specific period of time used for financial reporting, often a quarter or year, during which financial information is recorded and reported.
Debit
An entry recorded on the left side of an account ledger, representing an increase in assets or expenses or a decrease in liabilities, equity, or revenue.
Credit
An accounting entry that increases a liability or equity account or decreases an asset or expense account.
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