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Chapter 6 - accounti
| Term | Definition |
|---|---|
| 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 |
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bruhag1
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