chapter 15

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chapter 15
2012-05-15 14:06:39

vocab words
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  1. amount earned by a corporation and not yet distributed to stockholders
    retrained earnings
  2. earnings distributed to stockholders
  3. group of person elected by the stockholders to manage a corporation
    board of directors
  4. action by a board of directors to distribute corporate earnings to stockholders
    declaring a dividend
  5. accounts recievable that cannot be collected
    uncollectible accounts
  6. crediting the estimated value of uncollectible accounts to a contra account
    allowance method of recording losses from uncollectible accounts
  7. difference between an asset's account balance and its related contra account balance
    book value
  8. allowance for uncollectible accounts
    book value of accounts recievable
  9. cash and other assets expected to be exchanged for cash and consumed within a year
    current assets
  10. assets that will be used for a number of years in the operation of business
    plant assets
  11. portion of a plan asset's cost that is transferred to an expense account in each fiscal period during a plan asset's useful life
    depreciation expense
  12. price of asset, delivery costs, and any necessary installation costs
    original cost
  13. the amount an owner expects to recieve when a plant asset is removed from use
    estimated salvage value
  14. charging an equal amount of depreciation expense for a plan asset each year of useful life
    straight line method of depreciation
  15. total amount of depreciation expense that has been recorded since the purchase of a plant asset
    accumulated depreciation
  16. original cost of a plant asset minus accumulated depreciation
    book value of a plant asset