Term
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Definition
| form to gather data needed at the end of accounting period--prepare financial statements |
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Term
adjustments
[adjusting entries] |
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Definition
| journal entries which update accounts for previously unrecorded items |
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Term
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Definition
| items acquired && paid for in advance of their use |
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Term
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Definition
| allocating the cost of long-term assets over expected lives |
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Term
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Definition
| estimate of amount that may be received by selling/disposing an asset |
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Term
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Definition
| has a normal balance which is opposite of a related account |
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Term
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Definition
| normal credit balance--opposite the normal balance of an asset account |
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Term
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Definition
| portion of an asset's original cost that's not been depreiciated |
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Term
| report form balance sheet |
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Definition
| lists assets first, followed by liabilities && OE |
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Term
| account form balance sheet |
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Definition
| assets on the left && liabilities w/ OE on the right |
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Term
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Definition
| est. of amount that could be received by selling or disposing of an asset at the end of its useful life |
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Term
| straight-line depreciation |
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Definition
| allocation of an asset's cost in equal amounts to each accounting period of asset's useful life |
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