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Adv Account Chap 15

Vocab

TermDefinition
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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