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accounting chapter 9
Terms in this set (23)
accelerated depreciation method
A depreciation method that provides for a higher depreciation amount in the first year of the asset's use, followed by a gradually declining amount of depreciation.
The periodic transfer of the cost of an intangible asset to expense or of a bond discount to interest expense.
the difference between the cost of a depreciable asset and its related accumulated depreciation
The remaining amount a buyer owes after the trade-in allowance when a fixed asset is traded in for a similar asset.
The costs of acquiring fixed assets, adding to a fixed asset, improving a fixed asset, or extending a fixed asset's useful life.
he exclusive right to publish and sell a literary, artistic, or musical composition.
The process of transferring the cost of natural resources to an expense account.
The amount of an asset's cost that will be allocated to depreciation expense over its useful life, determined by the difference between the asset's initial cost and its residual value.
a lessening in value
double declining balance method
A method of depreciation that provides for a declining periodic depreciation expense over the expected useful life of an asset.
expected useful life
The estimated length of time an asset will be used in normal business operations.
Fixed Asset Turnover Ratio
The number of sales dollars earned per dollar of fixed assets, computed by dividing sales by the average book value of fixed assets.
assets that are relatively permanent, such as land, buildings, and equipment
the audience's perception of whether the speaker has the best interests of the audience in mind
The purchase price of an asset plus all costs to obtain and ready it for use.
Long-term assets that are used in the operations of a business, are not held for sale, and are without physical qualities.
Exclusive rights to produce and sell goods with one or more unique features.
The estimated value of a fixed asset at the end of its useful life.
Costs that benefit only the current period or costs incurred for normal maintenance and repairs of fixed assets.
A method of amortizing a bond discount or premium that provides for equal amounts of discount (or premium) to be written off to interest expense each period.
The amount a seller allows a buyer for a fixed asset that is traded in for a similar asset.
A name, term, or symbol used to identify a business and its products.
A method of depreciation that provides the same amount of depreciation expense for each unit of an asset's activity, which may be expressed in hours, miles driven, or quantity produced.
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