Accounting Chapter 8

All property not classified as real property

An accounting form on which a business records information about each plant asset

the original cost of a plant asset minus accumulated depreciation

charging an equal amount of depreciation expense for a plant asset in each year of useful life

multiplying the book value at the end of each fiscal period by a constant depreciation rate

using fractions based on years of a plant asset's useful life

calculating estimated annual depreciation expense based on the amount of production expected from a plant asset

the decrease in the value of a plant asset because of the removal of a natural resource

land and anything attached to the land

the value of an asset determined by tax authorities for the purpose of calculating taxes

a depreciation method required by the IRS to be used for income tax calculation purposes for most plant assets placed in service after 1986