Glossary 3 Flashcards by John Waller

Q

Define

Book value

Adjusting the Accounts

A

The difference between the cost of a depreciable asset and its related accumulated depreciation

Adjusting the Accounts

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Define

Calendar year

Adjusting the Accounts

A

An accounting period that extends from January 1 to December 31.

Adjusting the Accounts

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Define

Depreciation

Adjusting the Accounts

A

The process of allocating the cost of an asset to expense over its useful life.

Adjusting the Accounts

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Define

Useful life

Adjusting the Accounts

A

The length of service of a long-lived asset.

Adjusting the Accounts

How well did you know this?

1

Not at all

2

3

4

5

Perfectly