Prepaid Expenses

Expenses incurred in conducting the major, ongoing, central operations of a business, including production expenses, selling expenses, and the cost of repairs and maintenance, but excluding depreciation and interest. When the value of farm production approach is used to prepare the income statement, the cost of purchased livestock held for resale and the cost of purchased feedstuffs are also excluded from operating expenses. (II-15-16, 41; III-17-18, 21)

Authorization Path: 2.2.5.2.43.1