Examlex
All of the following are exceptions to the use of leading questions except:
Prepaid Insurance
An asset account that represents insurance payments made in advance of the coverage period, to be expensed as the insurance coverage is used up.
Accounts Payable
Money owed by a business to its suppliers shown as a liability on a company's balance sheet.
Equipment
Durable physical assets used in operations, such as machinery and tools, which have a useful life longer than one accounting period.
Office Supplies
Consumable items used in offices for daily operations, such as paper, pens, and staplers, distinct from longer-term assets.
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