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Chapter 14 Vocab
Accounting Vocabulary
| Term | Definition |
|---|---|
| Accumulated Depreciation | The total amount of depreciation expense that has been recorded since the purchase of a plant asset |
| Allowance Method of recording Losses From Uncollectibel Accounts | Crediting the stimated value of uncollectible accounts to a contra account |
| Board of Directors | A group of persons elected by the stockholders to manage a corporation |
| Book Value | The difference between an assets 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 |
| Book Value of Plant Assets | The original cost of a plant asset minus accumulated depreciation |
| Cost of Merchandise Sold | The total original price of all merchandise sold during a fiscal period |
| Current Assets | Cash and other assets expected to be exchanged for cash or consumed within a year |
| Current Liabilities | Liabilities due within a short time, usually within a year |
| Declaring a Dividend | Action by a board of directors to distribute corporate earnings to stockholders |
| Depreciation Expense | The portion of a plant assets cost that is transferred to an expense account in each fiscal period during a plant assets useful life |
| Dividends | Earnings distributed to stockholders |
| Earnings Per Share | The amount of net income after federal income tax belonging to a single share of stock |
| Estimated Salvage Value | The amount an owner expects to receive when a plant asset is removed from use |
| Financial Ratio | A comparison between two items of financial information |
| Gross Profit on Sales | The revenue remaining after cost of merchandise sold has been deducted |
| Long-Term Liabilities | Liabilites owed for more than a year |
| Merchandise Inventory | The amount of goods on hand for sale to customers |
| Net Sales | Total sales less sales discount and sales returns and allowances |
| Par Value | A calue assigned to a share of stock and printed on the stock certificate |
| Plant Assets | Assets taht will be used for a number of years in the operation of a business |
| Price-Earnings Ratio | The relationship between the market value per share and earnings per share of a stock |
| Retained Earnings | An amooutn earned by a corporation and not yet distributed to stockholders |
| Statement of Stockholders' Equity | A financial statemetn that shows changes in a corporations ownership for a fiscal period |
| Straight-Line Method of Depreciation | Chargin an equal amount of depreciation expense for a plant asset in each year of useful life |
| Supporting Schedule | A report prepared to give details about an item on a principal financial statement |
| Uncollectible Accounts | Accounts Receivable that cannot be collected |
Created by:
clintatwood
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