Examlex
AC refers to what?
Prepaid Insurance
An expense that has been paid in advance for insurance coverage which will be recognized over the period to which the premium relates.
Adjusted Balance
A method used to calculate the balance of an account after adjusting for any debits and credits that have occurred during the period.
Prepaid Insurance
Prepaid Insurance is the portion of an insurance premium that has been paid in advance and is recognized as an asset until the coverage period lapses.
Adjusted Balance
A method of calculating account balances that takes into account all debits and credits, including pending transactions, at the end of a period.
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