Term
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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 |
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Term
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Definition
| A contra-asset account that summarizes or accumulates the amount of depreciation taht has been taken on an asset |
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Term
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Definition
| the process of calculating the latest up-to-date balance of each account at the end of the accounting period |
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Term
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Definition
| cost of equipment less accumulated depreciation |
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Term
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Definition
| the allocation (spreading) of the cost of an asset (such as an auto or equipment) over its expected useful life |
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Term
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Definition
| the actual cost of an asset at time of purchase |
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Term
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Definition
| Estimated value of an asset after the allowable depreciation has been taken |
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Term
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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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