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

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

  • 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.

  • Consolidated Lease Expense for any period, the aggregate amount of fixed and contingent rentals payable by the Borrower and its Subsidiaries for such period with respect to leases of real and personal property, determined on a consolidated basis in accordance with GAAP.

  • Prepaid Rent means any payment of money to the landlord for a rent obligation not yet