IDHS: MR# 23 29 Irrevocable Assignment of an Existing Life Insurance Policy to a Funeral Home or Funeral Director to Fund a Prepaid Burial on Contract
When an expense is paid in advance, the company will not have to pay it when it arises. The company’s Balance Sheet will reflect the expense as an asset as long as the correct period doesn’t arrive. As the correct period approaches, it will be moved from the asset side and reflected under the expense. […]
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