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ACC 214 Ch 18
Property, Plant and Equipment
| Question | Answer |
|---|---|
| real property | land, land improvements (such as sidewalks and parking lots), buildings, and other structures attached to the land. |
| tangible personal property | includes machinery, equipment, furniture and other fixtures that can be removed and used elsewhere. Other than real estate |
| capitalized costs | all costs recorded as part of the asset's cost |
| net book value | difference in book value |
| salvage value, residual value, scrap value | estimate of the amount that could be obtained from an asset's disposition at the end of it's useful life. |
| net salvage value | is the salvage of the asset less less any cost to remove or sell it |
| straight line method of depreciation | depreciation=cost-salvage value/estimated useful life |
| declining balance method of depreciation | the book value of an asset at the beginning of the year is multiplied by a percentage to determine depreciation for the year. |
| accelerated method of depreciation | allocates greater amounts of depreciation to an assets early years of useful life |
| double declining balance method (DDB) | uses a rate equal to twice the straight line rate and applies that rate to the book value of the asset at the beginning of the year. The straight line method multiplied by 2 |
| sum of the year's digits method |
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