

Accounting 6.03 Vocabulary
Flashcard
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Easy
Diane Coffing
Used 1+ times
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8 questions
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1.
FLASHCARD QUESTION
Front
Plant asset
Back
Asset that will be used for a number of years in the operation of a business
2.
FLASHCARD QUESTION
Front
Depreciation Expense
Back
The portion of a plant asset's cost that is transferred to an expense account in each fiscal period during the plant asset's useful life
3.
FLASHCARD QUESTION
Front
Straight-line method of depreciation
Back
Method of calculating depreciation which charges an equal amount of depreciation expense for a plant asset in each year of its useful life
4.
FLASHCARD QUESTION
Front
Estimated salvage value (Estimated disposal value)
Back
The amount an owner expects to receive when a plant asset is removed from use
5.
FLASHCARD QUESTION
Front
Estimated useful life
Back
The number of years a plant asset is expected to be used
6.
FLASHCARD QUESTION
Front
Plant asset record
Back
An accounting form on which a business records information about each plant asset
7.
FLASHCARD QUESTION
Front
Gain on plant assets
Back
Revenue that results when a plant asset is sold for more than book value
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