Examlex
In 2003, the State Department
Posting
The process of recording financial transactions in the appropriate accounts in the ledger of a business.
Prepaid Insurance
An asset account representing the advance payment for insurance coverage, which will be expensed over the period of coverage.
Insurance Premiums
Payments made to an insurance company in exchange for coverage, which can be paid monthly, quarterly, or annually.
Insurance Expense
The cost reported by a company for premiums it pays on its insurance policies, covering risks such as property damage, theft, or liability.
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