At the time a payment is made that represents a prepayment of an expense, a prepaid account such as Prepaid Insurance is debited and the Cash account is credited. This records the prepayment as an asset on the companyâs balance sheet.
English and American cases dealing with the insurance meaning of war have defined it in accordance with the ancient international law definition: war refers to and includes only hostilities carried on by entities that constitute governments at least de facto in character..
Neutrality Act of 1935 Law & Legal Definition. The Neutrality Act of 1935 is a U.S federal statute. The Act imposes a ban on arm trade and other war materials to parties in war. This Act is the result of Italyâs invasion of Ethiopia.eutrality Act of 1935 Law & Legal Definition. The Neutrality Act of 1935 is a U.S federal statute. The Act imposes a ban on arm trade and other war materials to parties in war. This Act is the result of Italyâs invasion of Ethiopia.