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Which one of the following statements is incorrect in terms of language?
Accrued Expense
Expenses that have been incurred but not yet paid for, recognized in the financial statements through adjusting entries.
Employees' Salaries
Regular payments made to employees for their service to an organization, typically agreed upon and fixed in a contract.
Comprehensive Insurance
An insurance coverage that protects against a wide range of perils, excluding certain specified exclusions.
Prepaid Insurance
Prepaid insurance refers to payments made for insurance coverage before the actual coverage period, recognized as an asset on the balance sheet until used.
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