Ch. 21 vocab.
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Cash and other assets expected to be exchanged for cash or consumed within a year. | show 🗑
|
||||
| Assets that will be used for a number of years in the operation of a business. | show 🗑
|
||||
| Financial statements contain all information necessary to understand a business's financial condition. | show 🗑
|
||||
| Businesses may have three major types of plant assets - equipment, buildings, and land. | show 🗑
|
||||
| show | Historical cost
🗑
|
||||
| show | Real property
🗑
|
||||
| All property not classified as real property. | show 🗑
|
||||
| The value of an asset determined by tax authorities for the purpose of calculating taxes. | show 🗑
|
||||
| Assessed value is usually based on the judgment of persons referred to as assessors (elected by citizens or specially trained employees of a governmental unit). | show 🗑
|
||||
| Revenue from a business activities and expenses associated with earning that revenue are recorded in the same accounting period. | show 🗑
|
||||
| show | Depreciation Expense
🗑
|
||||
| The original cost of a plant asset includes all costs paid to make the asset usable to a business. These costs include the price of the asset, delivery costs, and any necessary installation costs. | show 🗑
|
||||
| show | Estimated Salvage Value
🗑
|
||||
| show | FYI – Residual Value or Scrap Value
🗑
|
||||
| show | Estimated Useful Life
🗑
|
||||
| show | Physical Depreciation
🗑
|
||||
| show | Functional Depreciation
🗑
|
||||
| No longer satisfactorily perform the needed service. | show 🗑
|
||||
| show | Obsolete
🗑
|
||||
| Charging an equal amount of depreciation expense for a plant asset in each year of useful life. | show 🗑
|
||||
| show | Accumulated Depreciation
🗑
|
||||
| show | Book Value of a Plant Asset
🗑
|
||||
| show | Plant Asset Record
🗑
|
||||
| show | FYI – Calculating book value any time
🗑
|
||||
| A plant asset may be sold at any time during the asset's useful life. When a plant asset is sold, its depreciation form the beginning of the current fiscal year to the date of disposal is recorded. | show 🗑
|
||||
| show | Gain on Plant Assets
🗑
|
||||
| show | Other Revenue
🗑
|
||||
| show | Loss on Plant Assets
🗑
|
||||
| show | Other Expenses
🗑
|
||||
| Multiplying the book value by a constant depreciation rate at the end of each fiscal period. | show 🗑
|
||||
| show | FYI – Double Declining-Balance Method
🗑
|
||||
| A plant asset is never depreciated below its estimated salvage value. | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
mmincy
Popular Accounting sets