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OA 213
Chapter 4
8
Accounting
Not Applicable
05/01/2013

Additional Accounting Flashcards

 


 

Cards

Term
Accrued salaries payable
Definition
Salaries that are earned by employees but unpaid and unrecorded during the period (and thus need to be recorded by an adjustment) and will not come due for payment until the next accounting period
Term
Accumulated Depreciation
Definition
A contra-asset account that summarizes or accumulates the amount of depreciation taht has been taken on an asset
Term
Adjusting
Definition
the process of calculating the latest up-to-date balance of each account at the end of the accounting period
Term
Book value
Definition
cost of equipment less accumulated depreciation
Term
Depreciation
Definition
the allocation (spreading) of the cost of an asset (such as an auto or equipment) over its expected useful life
Term
Historical cost
Definition
the actual cost of an asset at time of purchase
Term
Residual Value
Definition
Estimated value of an asset after the allowable depreciation has been taken
Term
Worksheet
Definition
A columnar device used by accountants to aid them in completing the accounting cycle--often called a spreadsheet this is not a formal report
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