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Chapter 14 Vocab

Accounting Vocabulary

TermDefinition
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