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Chapter 14
| Term | Definition |
|---|---|
| retained earnings | amount earned by corporation; not yet distributed to stockholders |
| dividends | earnings distributed to stockholders |
| board of directors | corporation managers; appointed by stockholders |
| declaring a dividend | distribute corporation earnings to stockholders |
| merchandise inventory | 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 value of uncollectible accounts to a contra account |
| book value | difference between an asset's account balance and its related contra account balance |
| book value receivable | difference between Accounts Receivable balance and its contra account, Allowance for Uncollectible Accounts |
| current assets | cash and other assets expected to be consumed or exchanged for cash within a year |
| plant assets | assets used for numerous year in business' operation |
| depreciation expense | portion of 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 | amount an owner expects to receive when a plant asset is removed from use |
| straight-line method of depreciation | charging an = amount of depreciation expense for a plant asset in each year of useful life |
| accumulated depreciation | total amount of depreciation expense that has been recorded since the purchase of a plant asset |
| book value of a plant asset | original cost of plant asset minus accumulated depreciation |
Created by:
Tate.cord70
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