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..
American law is that international accords become part of the body of U.S. federal law. Consequently, Congress can modify or repeal treaties by subsequent legislative action, even if this amounts to a violation of the treaty under international law. This was held, for instance, in the Head Money Cases.