Final answer:
Prepayments due to housing turnover are advance payments made by a tenant when moving into a property, covering items like rent and security deposits.
Step-by-step explanation:
Prepayments due to housing turnover refer to the advance payments made for rent or services related to housing that are made when a tenant moves into a property. These prepayments often include responsibilities such as rent for the first and last month, security deposits, or payments for utilities or other services that the tenant will use during their stay.
The concept of prepayments is crucial in accounting and financial management, as it ensures that payment obligations are met in advance to secure the property or service.Prepayments due to housing turnover are advance payments made by a tenant when moving into a property, covering items like rent and security deposits.