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Chapter 15

TermDefinition
Accrued Interest Income Interest earned but not yet received
Accrued Revenue Revenue earned in one fiscal period but not received until a later fiscal period.
Accumulated Depreciation The total amount of depreciation expense that has been recorded since the purchase of a plant asset
Adjusted Trial Balance A trial balance prepared after adjusting entries are posted
Beginning Inventory The amount of inventory on hand at the beginning of a fiscal period
Book Value of a Plant Asset The original cost of a plant asset minus accumulated depreciation
Current Assets Cash and other assets expected to be exchanged for cash or consumed within a year
Depreciation A loss in the usefulness of a plant asset as a result or wear or obsolescence
Depreciation Expense The portion of a plant asset's cost that is transferred to an expense account in each fiscal period during that asset's useful life
Ending Inventory The actual count of merchandise at the end of a fiscal period
Marginal Tax Rate The tax rate associated with a tax bracket
Plant Assets Physical assets that will be used for a number of years in the operation of a business
Salvage Value An estimate of the amount that will be received for an asset at the time of its disposal
Straight-line Method of Depreciation Recording an equal amount of depreciation expense for a plant asset in each year of its useful life
Tax Bracket Each tax rate and taxable income amount on one line of a tax table
Unadjusted Trial Balance A trial balance prepared before adjusting entries are posted
Useful Life The period of time over which an asset contributes to the earnings of a business
Created by: andrew.v
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