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Accounting Ch. 14

TermDefinition
Retained Earnings An amount earned by a corporation an not yet distributed to 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 a 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 plant asset's cost that is transferred to an expense account in each fiscal period during a plant 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 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 accumulated depreciation.
Created by: 16dlv
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