Examlex
What does JFC stand for?
Prepaid Insurance
Payments made for insurance coverage before the coverage period begins, treated as an asset on the balance sheet until the coverage period elapses.
Normal Balance
The side (debit or credit) of an account on which increases to the account are recorded, determined by the type of account.
Asset
Any resource owned or controlled by a business or an individual that is expected to produce value or benefit in the future.
Unearned Fees
Income received by a business for goods or services yet to be delivered or performed, considered a liability until the service or product is delivered.
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