Examlex
When determining the number of significant figures in a number,zeroes to the left of the decimal point are never counted.
Prepaid Insurance
Payments made in advance for insurance coverage, recorded as an asset on the balance sheet until the coverage period elapses.
Adjusting Entries
Entries in accounting made at the period's end to assign earnings and costs to their respective actual periods.
Income Statement Accounts
Accounts found on the income statement, which report a company’s financial performance over a specific period, including revenues, expenses, gains, and losses.
Temporary Accounts
Accounts in accounting that are used to track transactions within a financial period, which are then transferred to permanent accounts at the end of the period.
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