Examlex
______________ users of accounting information are users that are not directly involved in running the organization.
Insurance Policy
An insurance policy is a contract between an insurer and an insured, outlining the terms under which the insurer agrees to compensate the insured for specific losses.
Adjusting Entry
An accounting journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate period.
Unrelated Year-end Adjustments
Adjustments made to the financial statements at year-end that do not pertain to the normal operations of the business.
Prepaid Insurance
An asset account representing payments made for insurance coverage before the coverage period.
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