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Accounting-Ch. 14

Chapter 14 Terms

TermDefinition
Accumulated depreciation the total amount of depreciation expense that has been recorded since the purchase of a plant assset.
Allowance method of recording losses from uncollectible accounts crediting the estimated value of uncollectible accounts to a contra account.
Board of directors a group of persons elected by the stockholders to manage a corporation
Book value the difference between an asset's account balance and its related contra account balance.
Book value of a plant asset the original cost of a plant asset minus accumulated depreciation
Book value of accounts receivable the difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts.
Current assets cash and other assets expected to be exchanged for cash or consumed within a year.
Declaring a dividend action by a board of directors to distribute corporate earnings to stockholders.
Depreciation expense the portion of a plant asset's cost that is transferred to an expense account in each fiscal period during a plant asset's useful life.
Dividends earnings distributed to stockholders.
Estimated salvage value the amount an owner expects to receive when a plant asset is removed from use.
Merchandise inventory the amount of goods on hand for sale to customers.
Plant assets assets that will be used for a number of years in the operation of a business.
Retained earnings an amount earned by a corporation and not yet distributed to stockholders.
Straight-line method of depreciation charging an equal amount of depreciation expense for a plant asset in each year of useful life.
Uncollectible accounts accounts receivable that cannot be collected.
Created by: warnerd
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