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Property Tax
A levy imposed by a government on a property owner, based on the value of the property.
Accrue
The process of accumulating or recognizing expenses or income over time, even before cash transactions occur.
Payable
A liability to a creditor, often of a business, that represents an obligation to pay for goods or services received.
Prepaid Insurance
An asset account that represents insurance premiums paid in advance, covering future periods.
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