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Factor:
Insurance Policy
An insurance policy is a contract between an insurer and the policyholder, detailing the terms under which the insurer agrees to compensate the policyholder for specific losses or damages covered by the policy.
Adjusting Entry
An entry made in the books at the end of an accounting period to allocate income and expenditures to the appropriate period.
Prepaid Insurance
An asset account that represents insurance payments made in advance for coverage that will be received in the future.
Office Supplies Account
An account used to track expenses related to materials and supplies used in an office environment.
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