The name for canceling the balance of a customer's account because they will/can not pay.
What is writing-off an account?
100
Depreciation is no longer recorded when we reach this value.
What is the salvage value?
100
LIFO is an acronym for this inventory costing method.
What is Last In First Out?
100
Typically the largest current asset of most businesses
What is inventory (or merchandise)
100
Estimating the percentage of uncollectible accounts is an application of this accounting concept.
What is Matching Expenses with Revenue
200
When a payment on account that was previously written-off is collected, what happens to accounts receivable (be specific)
What is both debited and credited for the same amount?
200
The original cost of a plant asset less its accumulated depreciation.
What is the assets book value?
200
A merchandise inventory determined by counting, weighing, or measuring items on hand.
What is Periodic/Physical Inventory?
200
A UPC label (or barcode) is a type of this inventory system.
What is a Perpetual Inventory System
200
What is the gain on a plant asset that costs $2,000, has depreciated $1,500 in total, and is sold for $1,100.
What is $600
300
An adjusting entry for estimated uncollectible accounts includes a debit to this account.
What is uncollectible accounts expense?
300
Two things that will cause a plant asset to depreciate.
What are age and use?
300
The ending inventory and the cost of merchandise sold are calculated using the same unit price under this method.
What is weighted-average method?
300
The cost of merchandise sold is valued at its earliest price when using this method of costing inventory.
What is First In First Out (FIFO)
300
Using the same inventory method for all fiscal periods is an application of this accounting concept.
What is consistent reporting?
400
This is the main reason companies sell on account.
What is to encourage sales?
400
This method of calculating depreciation records a greater amount in the early years of a plant assets useful life.
What is the declining balance method (double-declining)?
400
Using the price of merchandise purchased last to calculate ending inventory.
What is the FIFO method?
400
Ending inventory units are priced at their most recent price when using this inventory costing method.
What is First In First Out (FIFO)
400
Annual depreciation for a plant asset that cost $6,000, with an estimated salvage value of $600 and a useful life of 6 years using the straight-line method.
What is $900?
500
If a company fails to make the uncollectible account adjustment, this type of account will be overstated.
What is an asset?
500
This account is used to show the difference in value between cash received and the book value of a plant asset when we sell a plant asset for less than book value.
What is Loss on Plant Asset?
500
This method makes it possible to prepare monthly income statements without the need for a periodic inventory.
What is the gross profit method of estimating ending inventory?
500
This former Enron CEO is currently seeking to get his prison sentence shortened.
Who is Jeffrey Skilling?
500
Monthly depreciation (using the straight-line method) of a plant asset that cost $700, salvage value of $100, and a useful life of 5 years.