Examlex
__________ is the difference between assets and liabilities at a point in time.
Adjusting Entries
Entries made in accounting books at the end of the cycle to rightly allocate the period's earnings and financial outgoings.
Depreciation Expense
The systematic allocation of the cost of a tangible asset over its useful life, reflecting the loss of value over time.
Notes Payable
Financial obligations or loans evidenced by promissory notes, to be repaid to the creditor at future dates.
Prepaid Insurance
An asset account on the balance sheet representing insurance payments made in advance for future coverage periods.
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