PREPAID EXPENSES are amounts that are paid in advance to a vender or creditor for goods and services. Typically, insurance premiums are paid in advance of the coverage contained in the policy. Prepaid Expenses is a Current Asset for your business. This is because you have paid for something and someone owes you the service or the goods for which you prepaid.
MILLAGE is a rate (as of taxation) expressed in mills per dollar.
BANK STATEMENT is a statement reporting all transactions in the accounts held by the account holder.
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