Advanced Accounting Chapter 7 Vocabulary Review

The decrease in the value of a plant asset because of the removal of a natural resource.

The original cost of a plant asset minus accumulated depreciation.

Recording an equal amount of depreciation expense for a plant asset in each year of its useful life.

All property not classified as real property.

Cash and other assets expected to ne exchanged for cash or consumed within a year.

The amount that will be received for an asset at the time of its disposal.

A type of accelerated depreciation that multiples the book value of an asset by a constant depreciation rate to determine annual depreciation.

Land and anything attached to it.

*BONUS!!* Which of the following is an example of real property?

• Land

• Flower Pots

• Cars

• Furniture

*BONUS!* Which of the following is an example of personal property?

• Building

• Land

• Landscaping

• Furniture