Please Define the Following Key Terms

question 20

Essay

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

---

Definitions:

Long-term Prepayment

Payments made in advance for goods or services to be received or used in future periods, extending beyond the current accounting year.

Accounting Transaction

A financial event that changes the balance of two or more accounts in the ledger.

Accounting Time Period

A specific duration of time for which financial statements are prepared, typically a quarter or a year.

Depreciation Expense

A rephrased definition: The charge to income, representing the allocation of the cost of an asset over its useful life during a specific period.