Prepaid expense definition

Prepaid expense means an item paid in advance by a seller of real property and prorated between a seller and buyer at the time of closing on a property including property tax, insur- ance, assessment, fuel and utilities, and others.
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Examples of Prepaid expense in a sentence

  • Prepaid expense amounts are recognized as expense on an accrual basis during the service period.

  • Prepaid expense specific to a particular period will be expensed when the period arrives and the costs will be treated as a period cost for that period.

  • Prepaid expense represents advance payments made to vendors for expenses applicable to a future period.

  • Each of the groups also established their own reference groups comprised of representatives from different ministries, external services and affected parties.

  • Prepaid expense corresponds to expenses paid during the period that relate to subsequent periods.

  • Prepaid expense may include the per-diem interest to the end of the month on the new loan, hazard insurance premium deposits, flood insurance, mortgage insurance premium and any real estate tax deposits needed to establish the escrow account.

  • The drawback of this information disclosure ahead of a product release is that it may signal to potential customers that they are at risk of buying a counterfeit, and thus depress the market.

  • Prepaid expense is not recognised in cases where total amount spent is `10,000/- or less.

  • The Other Prepaid expense - input tax account showed a carryover balance from CY 2012 of P2,010,647.92 arrived at as follows:Beginning Balance2,172,952.70Input Tax Claimed for 4th Quarter-2012(162,304.78)Input Tax Carry Over2,010,647.92 The amount of P2,010,647.92 was not reflected in the 4th Quarterly VAT return of 2012 (paid in January 2013) as overpayment or in the 1st Quarterly return of 2013 as Input Tax Carried Over from previous period.

  • Prepaid expense accounts are not used for recording unexpired insurance premiums or service contracts for equipment maintenance unless not doing so would result in more than one year’s cost being recorded.

Related to Prepaid expense

  • Prepaid Expenses has the meaning set forth in Section 1.2(f).

  • Prepaid contract means any Contract that has terminated or been prepaid in full prior to its scheduled expiration date (including because of a Casualty Loss), other than a Defaulted Contract.

  • Extra Expense means expense or cost incurred (1) to continue the conduct of the Assured’s business,

  • Excluded Expenses means an amount a claimant pays for insurance offered under a health benefit plan for a taxable year if:

  • Consolidated Depreciation Expense means, for any period, the depreciation expense of Holdings and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

  • Intercompany Payables means all account, note or loan payables and all advances (cash or otherwise) or any other Extensions of Credit that are payable by Parent or any of its Subsidiaries (other than the Bank or its Subsidiaries) to the Bank or its Subsidiaries.

  • Accounts Receivable has the meaning set forth in Section 2.01(a).

  • Covered Expense means expense incurred only for the following:

  • Consolidated Depreciation and Amortization Expense means, with respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees or costs, capitalized expenditures, customer acquisition costs and incentive payments, conversion costs and contract acquisition costs, the amortization of original issue discount resulting from the issuance of Indebtedness at less than par and amortization of favorable or unfavorable lease assets or liabilities, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

  • Cash on Hand means, as of any date, all xxxxx cash, vault cash, teller cash, ATM cash, prepaid postage and cash equivalents held at a Branch.

  • Transportation Expense means the cost of Medically Necessary conveyance, personnel, and services or supplies.

  • Petty Cash means a relatively small amount of cash kept at hand for making immediate payment for miscellaneous small expenses incurred the municipality.

  • Accounts Payable means all trade and other accounts payable, including accrued expenses, owed by the Company.

  • Consolidated Amortization Expense means, for any period, the amortization expense of Holdings and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

  • Accrued Expenses means the accrued and unpaid expenses appearing as a Liability on the Preliminary Closing Statement or the Final Closing Statement.

  • Excluded Expenditure means any expenditure:

  • Final Shared-Loss Recovery Month means the calendar month in which the tenth anniversary of the Commencement Date occurs.