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Chapter 6 - accounti

Current assets assets that are used up or converted to cash during the normal operating cycle of a business
plant assets long term assets like buildings or land that are used by a business
depreciation a systematic procedure for allocating the cost of a plant asset to the accounting periods in which the firm receives service from that asset
salvage (disposal) value the estimated value of a plant asset at the time of its disposal
useful life the length of time a plant asset is used
annual depreciation amount of depreciation recorded in one year
accumulated depreciation total depreciation recorded up to a specific point in time
book value the value of a plant asset according the the records of the business; original cost minus accumulated depreciation
depreciable cost the total amount of the cost of a plant asset to be depreciated; original cost less disposal value
Created by: bruhag1