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College Accounting ch 5

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Question
Answer
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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Created by: dengler
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