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Accounting (16 & 17)

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Question
Answer
capital expenditures   cost of an asset plus the cost of increasing the asset's capacity or quality  
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revenue expenditures   operating expenses, including normal repairs and maintenance  
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specific identification   useful for higher priced durable items that can be specifically identified, such as cars and televisions  
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straight-line depreciation   equal amount of depreciation each year (cost minus trade-in-value divided by useful life in years)  
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weighted average   depreciation based on the use of the asset (cost trade-in value divided by estimated units of production)  
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first-in, first-out (FIFO)   assumes that the oldest stock is sold first  
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last-in, last-out (LIFO)   assumes that the newest stock is sold first  
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lower of cost or market rule   under certain conditions when, the replacement or market cost is lower than the original cost, the inventory should be valued at the lower amount  
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depreciation   the systematic approach for allocating cost of property and equipment over the life of the asset  
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perpetual inventory record   an individual record for each kind of product in the subsidiary ledger, recording the number of units received as well as the number of units sold  
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units of production   the method of assigning costs to inventory by determining the total cost of all units, dividing the total cost by the total number of units available to get the average cost per unit and multiply the number of units in ending inventory by the average cost  
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double-declining balance   an accelerated method - calculate the straight-line depreciation rate, and multiply the straight-line rate by 2  
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intangible asset   assets that are purchased for use in the business and have a useful life longer than 1 year but have no physical substance  
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land improvements   includes driveways, parking lots and shrubs  
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promissory note   the signed document that states a borrower promises to pay a certain sum at a fixed time in the future  
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notes payable register   an auxiliary record used for listing the details of notes issued  
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contingent liability   a liability that is dependent upon certain conditions or events taking place  
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maker   an individual for firm that signs a promissory note  
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maturity date   the due date of a promissory note  
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maturity value   the principal of the note plus interest  
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duration   the period of time a note is outstanding: the length of time in days or months from a note's issue date to its maturity date  
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notes receivable register   a supplementary record in which a firm lists details of notes received  
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principal   the face value of a note  
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discounting a note payable   the procedure by which a bank deducts interest in advance when it loans money with a note  
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proceeds   the principal of a loan less the discount  
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payee   the party receiving payment, such as on a notes receivable or accounts receivable  
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dishonored note receivable   a note whose make fails to pay the principal amount or to renew the note at maturity  
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contra-liability account   a deduction from a liability, such as Discount on Notes Payable, which is a deduction from the balance of Notes Payable  
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FOB destination   the seller pays the shipping cost and the item is included in the buyers inventory  
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FOB shipping point   buyer pays the shipping cost and the item is included in the buyers inventory  
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Created by: leebayam
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