Terms
Terms
More Terms
Even More Terms
Potpourri & 1 term
100
The cost of an asset that is subject to depreciation.
What is Depreciable Cost
100
A 12 month period for which financial reports are prepared.
What is a Fiscal Year.
100
The amount an item can be sold for under mornal economic conditions
What is Market Value.
100
The expected market value of an asset at the end of its useful life.
What is Salvage Value.
100
How many cupcakes did we eat on Friday during class
What is 20
200
A depreciation method in which the depreciable cost is divided by the estimated useful life.
What is Straight-line Method.
200
The period of time that an asset is expected to help produce revenues.
What is Useful Life.
200
A method of matching an asset's original cost against the revenues produced over its useful life.
What is Depreciation
200
A principal that requires assets to be recorded at their actual cost.
What is Historical Cost Principle.
200
3 students.
What is how many students have we lost total for BOA PM over the last 3 months
300
A method of accounting under which revenues are recorded when earned and expenses are recorded when incurred
What is accrual basis of accounting
300
Journal entries made at the end of an accounting period to reflect changes in account balances that are not the direct result of an exchange with an outside party
What is adjusting entries
300
The difference between the asset account and its related accumulated depreciation account. The value reflected by the accounting records
What is book value
300
An account with a credit balance that is deducted from the related asset account on the balance sheet
What is Contra-asset
300
7 dimes and 8 nickels.
What is $1.10.
400
A method of accounting under which revenues are recorded when cash is received and expenses are recorded when cash is paid
What is Cash basis of accounting
400
The work sheet columns that show the amounts that will be reported in the balance sheet and the statement of owner’s equity
What is Balance Sheet columns
400
The work sheet columns that show the amounts that will be reported in the income statement
What is Income Statement columns
400
A form used to pull together all of the information needed to enter adjusting entries and prepare the financial statements
What is a Work Sheet
400
May 16, 2012
What is the end of MOD 110. YIPPPEEE!!!!
500
The difference between the asset account and its related accumulated depreciation account.
What is Undepreciated cost
500
The third pair of amount columns on the work sheet. They are used to prove the equality of the debits and credits in the general ledger accounts after making all end-of-period adjustments
What is Adjusted Trial Balance columns
500
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 when cash is paid for assets with useful lives greater than one accounting period
What is Modified cash basis
500
Items/things of a durable nature that will be used for operations over several years.
What are Plant assets
500
A principle that requires the matching of revenues earned during an accounting period with the expenses incurred to produce the revenues
What is matching principle
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