👉 "Pre-cancelled" is a term used in finance and accounting that refers to an event where an obligation has been cancelled, or canceled out by another party. This could be due to a change in circumstances such as a change in ownership of the asset or a default on the payment obligations. In the context of financial statements, "Pre-cancelled" assets might refer to items that were originally added to a balance sheet but have since been written off due to changes in ownership or market conditions. For
