College Accounting ch 5
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Accrual Basis Accounting | show 🗑
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Adjusted Trial Balance Columns | show 🗑
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show | Journal entries made at the end of an accounting period to reflect changes in account balances that are not the direct result of ank exchange with an outside party.o
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Balance Sheet Columns | show 🗑
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Book Value | show 🗑
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Cash Basis of Accounting | show 🗑
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show | An account with a credit balance that is deducted from the related asset account on the balance sheet.
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Depreciable Cost | show 🗑
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show | A method of matching an asset's original cost against the revenues produced over it's useful life.
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Fiscal Year | show 🗑
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Historical Cost Principle | show 🗑
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Income Statement Columns | show 🗑
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show | The amount an item can be sold for under normal economic conditions.
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show | A principle that requires the matching of revenues earned during an accounting period with the expenses incurred to produce the revenues.
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show | A method of accounting that combines aspects of the cash and accrual methods. It uses the cash basis for recording revenues and most expenses. Exceptions are made wghen cash is paid for assets with useful lives greater than one accounting period.
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show | Assets of a durable nature that will be used for operations over several years. Examples include buildings and equipment.
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Salvage Value | show 🗑
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show | A depreciation method in which the depreciable cost is divided by the estimated useful life.
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show | The difference between the asset account and its related accumulated depreciation account. Also known as book value.
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show | The period of time that an asset is expected to be help produce revenues.
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Work Sheet | show 🗑
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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.
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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.
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