Acct.txt

Larger amounts of depreciation are recorded during the early years of an assets use and decreasing amounts in later years

Contra asset account that accumulates the depreciation of an asset

Process of allocating the cost of an intagible to an expense over its useful life

Cost of an asset minus the the accumulated depreciation. (carrying value)

Asset account, includes warehouses, offices and retail stores

COsts incurred for the purchase of property, equipment, cost of increasing the capacity or quality of assets.

Exclusive rights of protection granted to creators

Process of allocationg cost of an asset to an expense over its useful life

Total cost of an asset less its salvage or trade-in value

An accelerated method of depreciation; book value at the beginning of the year multiplied by twice the stragiht-line rate

An asset account

Cost incurred for major overhauls or reconditioning of assets; repairs that either significantly prolong the life of an asset or increase its estimated salvage value

Assets that are purchased for use in the business and have a useful life longer than one year

An exclusive right to use a company's name and to sell its products

Amount in excess of the book value

Represents the value of the business over its identified assets

Assets that are purchased for use in the business and have a useful life longer than one year but have no physical substance

An asset account that includes property that is used in the operations of a business

An asset account covering expenditures for improvements that are (1) not as permanent as the land or (2) not directly associated with a building. (driveways, parking lots, landscaping,fences, and outdoor lightning systems)

An asset account used to record improvements to rented property that are maid or paid by the lessee (renter or tenant) but become the property of the lessor (owner or landlord) at the end of the lease term

Receives an amount less than the book value

An accelerated method of depreciation that is used to determine allowable depreciation for federal income tax return based on property acquired after 1986; assets are divided into eight classes

Exclusive right to sell or produce an invention

Costs incurred to maintain the operation of assets, such as normal repair expenses and fuel expenses

The expected value of the asset at disposable; sometimes called trade-in value or residual value

A method of depreciations that assigns equal amounts of depreciation to each year of the assets depreciable life. (Cost minus salvage value divided by useful life [in years].)

Represents a word, slogas or symbol that identifies a company or product

A method of depreciation that allocates ab assets costs based on its usage or productivity within the period. (cost minus salvage value divided by estimated life in units salvage value divided by estimated life in units of pruction multiplied by the number of units produced)

The lenght of time an asset is expected to be used

A situation in which each party owns a fractional share of all of the assets

The ending of a partnership because of a change in personnel and the forming of a new partnership. The transition results primarily in changes to the Capital accounts, with routine business being carried on as usual

The sahre of a net income (net loss) allocated to each partner

An association of two or more persons to carry on, as co-owners, a business for profit. The partners are general partners who actively and publicly participate in the transactions of the firm and have unlimited liabilty

An organization similar to a limited partnership except that all partners may take an active role in the business of the partnership with only their invested capital at risk

A partnership with at least one GP and one LP. The GP normally manages the partnership and the LP or partners have the largest share of invested of invested capital and usually cannot lose more than their capital contribution

The ending of a partnership, involving the sale of the assets, payment of the liabilities, and distribution of the remaining cash to the partners

The ability of each partner to act as an agent of the firm, thereby committing the entire firm to a binding contract

An association of two or more persons who carry on, as co-owners, a business for profit

A written contract that details the provisions of a partnership

Conversion into cash, as happens in the case of the sale of assets