
ACCT 2301 midterm 2 review
Flashcard
•
Mathematics
•
University
•
Practice Problem
•
Hard
Skillius BL
Used 1+ times
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32 questions
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1.
FLASHCARD QUESTION
Front
When does a company recognize Accumulated Depreciation (A|D) ?
Back
At the end of the fiscal year.
2.
FLASHCARD QUESTION
Front
Ending Accumulated Depreciation formula:
Back
Ending A|D = Beg. A|D + Depreciation Expense - Disposals
3.
FLASHCARD QUESTION
Front
Disposals are
Back
The process of removing an asset from a company's records.
4.
FLASHCARD QUESTION
Front
Depreciation Expense Formula:
Back
Depreciation Expense = Acquisition Cost (AC) - Salvage Value / # Years of Useful Life
5.
FLASHCARD QUESTION
Front
2 categories of Long-term assets:
Back
Tangible - PPE (physically exists)
Intangible - Patents, trademarks, etc. (doesn't physically exist)
6.
FLASHCARD QUESTION
Front
2 types of expense
Back
- COGS
- Decrease in assets
7.
FLASHCARD QUESTION
Front
Depreciation Def and formula
Back
The allocation/apportionment of the cost of an asset over the total years of its useful lifespan.
(AC/# years useful life)
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