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Accounting Ch.14

TermDefinition
Retained Earnings An amount earned by a a corporation and not yet distributed by stockholders
Dividends Earnings distributed to stockholders
Board of Directors A group of persons elected by the stockholders to manage a corporation
Declaring a Dividend Action by board of directors to distribute corporate earnings to stockholders
Merchandise Inventory The amount of goods on hand for sale to customers
Uncollectible Accounts Accounts receivable that cannot be collected
Allowance Method of Recording Losses from Uncollectible accounts Crediting the estimated value of uncollectible accounts to a contra account
Book value The difference between an asset's account balance and its related contra account balance
Book value of accounts receivable The difference between the balance of accounts receivable and its contra account allowance for uncollectible accounts
current Assets Cash and other assets expected to be exchanged for cash or consumed within a year
Plant Assets Assets that will be used for a number of years in the operation of a business
Depreciation Expense The portion of a plants assets cost that is transferred to an expense account i each fiscal period during a plants asset's useful life
Estimated Salvage Value The amount an owner expects to receive when a plant asset is removed from use
Straight-Line Method of Depreciation Charging an equal amount of depreciation expense for a plant asset in each year of useful life
Accumulated Depreciation The total amount of depreciation expense that has been recorded since the purchase of a plant asset
Book Value of a Plant Asset The original cost of a plant asset minus the accumulated depreciation
Created by: bailey.baucom69
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