Prepaid insurance definition

by | Jun 7, 2024 | Bookkeeping

It’s important to review the policy carefully before purchasing to understand the coverage limits, deductibles, and exclusions. Prepaid insurance is also considered an asset because of its redeemable value. Any remaining prepaid portion of the premium could be...

How to Read Financial Statements: A Beginners Guide

by | Aug 16, 2023 | Bookkeeping

Emerging technology – including AI-generated deepfakes – threatens to turbocharge this scourge, and the FTC is committed to using all of its tools to detect, deter, and halt impersonation fraud. All rights are reserved, including those for text and data mining, AI...

Periodicity assumption definition

by | May 31, 2023 | Bookkeeping

It is one of the basic assumptions upon which financial statements are prepared, and it helps to ensure that all transactions are recorded accurately and consistently. This means that a schedule of activities will mandate when accruals are to be posted, as well as the...