OTHER LONG-TERM ASSETS Definition

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OTHER LONG-TERM ASSETS includes long-term assets not included into the investments, fixed, or intangible assets categories. Those other assets may be that part of prepaid expenses that will start expiring more than a year after the balance sheet date, or the cash surrender value of life insurance on company officers, etc.

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WAGE is actual remuneration paid to an employee for services rendered. Minimum wages, in the U.S.A., are established by the federal Fair Labor Standards Act.

RECONCILE / RECONCILIATION is the adjusting of the difference between two items (e.g., balances, amounts, statements, or accounts) so that the figures are in agreement. Often the reasons for the differences must be explained. One example would be reconciling a checking account (bringing the checking ledger and bank balance statement into agreement).

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