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Insurance Expense
The cost incurred by a business for insurance coverage, recognized as an expense over the policy period.
Prepaid Insurance
An asset account that represents insurance premiums paid in advance, which are expensed over the period the insurance coverage pertains to.
Accounts Receivable
Funds that customers owe to a company for products or services provided but not yet compensated for.
Accounts Payable
Money owed by a company to its creditors for goods or services that have been received but not yet paid for.
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