Receivables
Depreciation
Intangible Assets
Let's Talk Accounting
Favorite Accounting Terms
100
Amounts owed by customers on account
What is accounts receivable ?
100
The cost of a plant asset less its salvage value
What is a depreciable cost?
100
The word, phrase, jingle, or symbol that identifies a particular enterprise or product
What is trademark (trade name)?
100
The party to whom payment of a promissory note is to be made
What is the payee?
100
An estimate of the expected productive life, also called service life, of an asset
What is useful life?
200
Amounts due from individuals and other companies
What is receivables?
200
The process of allocating to expense the cost of a plant asset over its useful (service) life in a rational and systematic manner
What is depreciation?
200
An exclusive right issued by the U.S. Patent Office that enables the recipient to manufacture, sell, or otherwise control an invention for a period of 20 years from the date of the grant
What is a patent?
200
A note that is not paid at maturity
What is a dishonored note?
200
Cost incurred to increase the operating efficiency, productive capacity, or useful life of a plant asset
What are additions and improvements?
300
Notes and accounts receivable that result from sales transactions
What is trade receivables?
300
Depreciation method that produces higher depreciation expense in the early years than in the later years
What is the accelerated -depreciation method?
300
The value of all favorable attributes that relate to a business enterprise
What is goodwill?
300
The party in the promissory note who is making the promise to pay
What is the maker?
300
the allocation of the cost of an intangible asset to expense over its useful life in a systematic and rational manner
What is amortization?
400
Claims for which formal instruments of credit are issued as proof of the debt
What is notes receivable?
400
Depreciation method in which periodic depreciation is the same for each year of the asset's useful life
What is the straight-line method?
400
Exclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work
What is a copyright?
400
A finance company or bank that buys receivables from businesses and then collects the payments directly from the customers
What is a factor?
400
A method of accounting for bad debts that involves expensing accounts at the time they are determined to be uncollectible
What is a direct write-off method?
500
The analysis of customer balances by the length of time they have been unpaid
What is aging the accounts receivable?
500
Depreciation method that applies a constant rate to the declining book value of the asset and produces a decreasing annual depreciation expense over the useful life of the asset
What is the declining -balance method?
500
A contractual arrangement under which the franchisor grants the franchisee the right to sell certain products, provide specific services, or use certain trademarks or trade names , usually within a designated geographical area
What is a franchise (license)?
500
A method of accounting for bad debt that involves estimating uncollectible accounts at the end of each period
What is the allowance method?
500
An account that shows the estimated amount of claims on customers that the company expects will become uncollectible in the future
What is allowance for doubtful accounts?
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