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Adv Account Chap 15
Vocab
| Term | Definition |
|---|---|
| Beginning Inventory | The amount of inventory on hand at the beginning of a fiscal period. |
| Ending Inventory | The actual count of merchandise at the end of a fiscal period. |
| Depreciation | A loss in the usefulness of a plant asset as a result of wear or obsolescence. |
| Depreciation Expense | The portion of a plant asset's costs that is transferred to an expense account in each fiscal period during that asset's useful life. |
| Salvage Value | As estimate of the amount that will be received for an asset at the time of its disposal. |
| Current Assets | Cash and other assets expected to be exchanged for cash or consumed within a year. |
| Plant Assets | Physical assets that will be used for a number of years in the operations of a business. |
| Straight-Line Method of Depreciation | Recording an equal amount of depreciation expense for a plant asset in each year of its 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:
Knuddar
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