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Accounting (16 & 17)

QuestionAnswer
capital expenditures cost of an asset plus the cost of increasing the asset's capacity or quality
revenue expenditures operating expenses, including normal repairs and maintenance
specific identification useful for higher priced durable items that can be specifically identified, such as cars and televisions
straight-line depreciation equal amount of depreciation each year (cost minus trade-in-value divided by useful life in years)
weighted average depreciation based on the use of the asset (cost trade-in value divided by estimated units of production)
first-in, first-out (FIFO) assumes that the oldest stock is sold first
last-in, last-out (LIFO) assumes that the newest stock is sold first
lower of cost or market rule under certain conditions when, the replacement or market cost is lower than the original cost, the inventory should be valued at the lower amount
depreciation the systematic approach for allocating cost of property and equipment over the life of the asset
perpetual inventory record an individual record for each kind of product in the subsidiary ledger, recording the number of units received as well as the number of units sold
units of production the method of assigning costs to inventory by determining the total cost of all units, dividing the total cost by the total number of units available to get the average cost per unit and multiply the number of units in ending inventory by the average cost
double-declining balance an accelerated method - calculate the straight-line depreciation rate, and multiply the straight-line rate by 2
intangible asset assets that are purchased for use in the business and have a useful life longer than 1 year but have no physical substance
land improvements includes driveways, parking lots and shrubs
promissory note the signed document that states a borrower promises to pay a certain sum at a fixed time in the future
notes payable register an auxiliary record used for listing the details of notes issued
contingent liability a liability that is dependent upon certain conditions or events taking place
maker an individual for firm that signs a promissory note
maturity date the due date of a promissory note
maturity value the principal of the note plus interest
duration the period of time a note is outstanding: the length of time in days or months from a note's issue date to its maturity date
notes receivable register a supplementary record in which a firm lists details of notes received
principal the face value of a note
discounting a note payable the procedure by which a bank deducts interest in advance when it loans money with a note
proceeds the principal of a loan less the discount
payee the party receiving payment, such as on a notes receivable or accounts receivable
dishonored note receivable a note whose make fails to pay the principal amount or to renew the note at maturity
contra-liability account a deduction from a liability, such as Discount on Notes Payable, which is a deduction from the balance of Notes Payable
FOB destination the seller pays the shipping cost and the item is included in the buyers inventory
FOB shipping point buyer pays the shipping cost and the item is included in the buyers inventory
Created by: leebayam on 2012-12-05



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