Accounting Revision
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| Accumulated Depreciation | show 🗑
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| Carrying Value | show 🗑
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| show | The amount of depreciation written off as an expense for one particular reporting period.
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| show | The value of a non-current asset that has already been written off as depreciation.
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| residual or scrap value | show 🗑
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| Straight-line method | show 🗑
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| show | The period of time that a business expects to use a non-current asset for the purpose of earning revenue.
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| Accrual Accounting | show 🗑
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| Adjusting Entries | show 🗑
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| show | Adjustments made to revenue and expense accounts at the end of a period so that they equal revenue earned and expenses incurred.
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| Closing Entry | show 🗑
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| Credit Note | show 🗑
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| Comparability | show 🗑
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| Consistency | show 🗑
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| Reducing Balance Depreciation | show 🗑
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| show | The difference between the carrying value of an asset and the proceeds from the disposal of the asset, where the proceeds are less than the carrying value.
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| show | A situation whereby a non-current asset has been depreciated too much due to the under-estimation of either the asset's useful life or its residual value, leading to a profit on disposal.
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| Under-depreciation | show 🗑
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| show | The amount of cash received, or the trade-in value granted, on the disposal of a non-current asset.
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| show | The difference between the carrying value of an asset and the proceeds from the disposal of the asset, where the proceeds are greater than the carrying value.
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| show | A supplier that has provided an asset, other than stock, on credit.
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| show | A rule used to value inventory at the lower of two values: that of its cost price and its estimated net proceeds from sale.
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| Materiality test | show 🗑
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| show | The estimated selling price of an item of inventory, less any costs incurred in its selling, marketing or distribution. That is, the net proceeds expected from selling the item of inventory.
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| Period cost | show 🗑
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| Product cost | show 🗑
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| show | A general journal entry that is used to write-down the value of an item of inventory from its cost price to a lower value, due to its anticipated net realisable value being lower than its cost price.
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| Accrued Revenue | show 🗑
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| Prepaid Revenue | show 🗑
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| show | A method of accounting for prepaid revenue whereby the initial receipt of revenue is treated as a liability, with a subsequent transfer of the amount earned to a revenue account.
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| show | All relevant items must be reported for a business entity, which therefore excludes personal transactions of the owner.
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| conservatism principle | show 🗑
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| show | The original cost of an item at the time it was purchased.
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| show | A quality of accounting that demands that all information that may influence the users of a report be disclosed so that decision-makers are fully informed.
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| show | A period of time over which financial events are recorded and reported.
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Giant Kahuna
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