25
An inventory costing method that assumes that the first items purchased
(first in) were the first items sold (first out).
FIFO
promissory note issued to a creditor.
Note Payable
A method of estimating uncollectible accounts expense
in which a business assumes that a certain percentage of each year’s net sales will be uncollectible.
percentage of net sales method
Allocating a plant asset’s cost over its useful life.
Depreciation
Is Lil Tjay adopted
Yeah, he a hood baby foster care kid
An inventory costing method that assumes that the last items purchased
(last in) are the first items sold (first out).
LIFO
Promissory note that a business accepts
from a customer.
Note Receivable
procedure for uncollectible accounts receivable; the business
matches the estimated uncollectible account expense with the
sales made during the same period.
allowance method
Long-lived assets
that are used in the production or sale of
other assets or services over several
accounting periods.
Plant Assets
Forbes
The current price that is charged for a similar item of merchandise
in the market.
Market Value
The cash actually received by the borrower on a
non-interest-bearing note payable.
Proceeds
The amount the business can reasonable expect to
collect from its accounts receivable.
Book Value of Accounts Receivable
A method that equally distributes the depreciation expense over an asset’s estimated useful life.
Straight Line Depreciation
Tione Jayden Merritt
The requirement that ending merchandise inventory be stated at the
lesser of cost (calculated using one of the four inventory costing methods)
or market value.
lower of cost or market rule
A note that requires the face value plus interest to be paid on the
maturity date.
An account receivable that the business cannot collect; also called a bad debt.
uncollectible ammount
The total amount of depreciation for a plant asset that
has been recorded up to a specific point in time.
Accumulated Depreciation
Lil Tjay got drilled 7 times
Accounting principle requiring that when there is a choice, accountants choose the safer or more conservative method that is least likely to result in an overstatement of income or assets.
A note from which the interest is deducted in advance from the face value of
the note; no interest rate is stated on the note.
non-interest bearing note payable
A procedure for uncollectible accounts receivable; the business removes
the uncollectible account from its accounting records when it determines the amount is not going to be paid.
Direct Write-Off Method
The estimated value of a plant asset at its
replacement time; also called salvage value.
Disposal Value
When is Lil Tjays Birthday
April 30, 2001