Please Define the Following Key Terms

question 19

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Iron Curtain

---

Definitions:

Prepaid Insurance

An asset account representing insurance payments made in advance of the coverage period, recognized as an expense over time.

Insurance Payable

A liability account that represents amounts owed for insurance premiums that are due but not yet paid.

Proprietorship

A business owned by one individual.

Drawing

Drawing refers to the withdrawal of cash or other assets from a company by the owner(s) for personal use, decreasing the owner's equity in the business.