Vocab
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| Beginning Inventory | The amount of inventory on hand at the beginning of a fiscal period.
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| Ending Inventory | The actual count of merchandise at the end of a fiscal period.
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| Depreciation | A loss in the usefulness of a plant asset as a result of wear or obsolescence.
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| 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.
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| Salvage Value | As estimate of the amount that will be received for an asset at the time of its disposal.
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| Current Assets | Cash and other assets expected to be exchanged for cash or consumed within a year.
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| Plant Assets | Physical assets that will be used for a number of years in the operations of a business.
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| Straight-Line Method of Depreciation | Recording an equal amount of depreciation expense for a plant asset in each year of its useful life.
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| Accumulated Depreciation | The total amount of depreciation expense that has been recorded since the purchase of a plant asset.
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| Book Value of a Plant Asset | The original cost of a plant asset minus accumulated depreciation.
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