Assets
This asset is going to be used for a long time
What is a fixed asset
The act of saying how much something is worth
What is valuation
to take away an amount or part from a total
What is to deduct
out-of-date, no longer in use
what is obsolete
revealing of all relevant information, without the withholding of significant facts which may bias a decision
what is full-disclosure principle
This is a change in a company's accounts when it has lost money
What is a write-off
The price an asset gets in a marketplace
market value
to come together in a single place or bring parts together in a single group
what is to assemble
the estimated value of a fixed asset at the end of its useful life
what is salvage value
able to be checked or demonstrated to be true, accurate, or justified
what is verifiable
Someone who owes money
Who is a debtor
A business must record the cost of inventory at whichever cost is lower
Which is the lower of cost or market rule
to imagine or expect that something will happen
what is to anticipate
likely but not certain to happen, possible; dependent on uncertain events or conditions
what is contingent
a principle that a business that is operating and making a profit and will continue doing so
what is going concern
A physical asset whose value can be easily measured, such as cash, property, goods, or machinery:
What is a tangible asset
The value of the assets (= property and money) that a person or business has, after any debts are taken away
What is net worth
to gradually increase in number or amount
what is to accumulate
long-term prepaid expenses
what are deferred charges
the quality of achieving a level of performance which does not vary greatly in quality over time
what is the consistency principle
The process of losing value
What is depreciation
a principle where assets or profits are not shown in accounts as greater than they may actually be, and financial losses are not made to seem smaller than they are
what is conservatism
to make something known publicly, or to show something that was hidden
what is to disclose
a specific type of loan that is used to buy real estate
a method of accounting that uses the original cost of something, with no changes made for inflation
what is the historical cost principle