Examlex
Select the term that is spelled correctly.
-Select the term that is spelled correctly:
Prepaid Expenses
Costs paid in advance for goods or services to be received in the future, which are recorded as assets until they are consumed.
Accrued Expenses
Expenses that have been incurred but not yet paid for, often recognized in the accounting period they are incurred.
Fiscal Year
A one-year period that companies and governments use for financial reporting and budgeting, which may or may not align with the calendar year.
Straight-Line Depreciation
An approach to evenly spread the cost of a tangible asset throughout its period of use.
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