Examlex
Match each term with its definition.
-Used for reference when placing long distance phone calls
Prepaid Expense
Expenses paid in advance for goods or services to be received in the future, considered as an asset on the balance sheet until fully consumed or used.
Balance Sheet
A financial overview presenting a business's total assets, current liabilities, and the equity portion of its shareholders on a designated day.
Assets
Resources owned by a company that have economic value and can provide future benefits, including cash, inventory, and equipment.
Equity
The value of ownership interest in a company, represented by the amount of assets minus liabilities.
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