Examlex
Write 3 divided by 4 as a fraction.
Long-Lived Asset
Assets with a useful life of more than one year, used in the operations of a business, such as property, plant, and equipment.
Accounting Periods
Periods of time covered by financial statements, usually consisting of 12 months.
Prepaid Expenses
Payments made in advance for goods or services, which are recognized as assets on a balance sheet and expensed over time as the benefit is received.
Asset Account
An account that records the value of resources owned by an entity, which can provide future economic benefits.
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