Accounting Chapter 8

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Accounting Chapter 8
2013-02-22 14:31:58

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  1. All property not classified as real property
    personal property
  2. An accounting form on which a business records information about each plant asset
    plant asset record
  3. the original cost of a plant asset minus accumulated depreciation
    book value of a plant asset
  4. charging an equal amount of depreciation expense for a plant asset in each year of useful life
    straight-line depreciation
  5. multiplying the book value at the end of each fiscal period by a constant depreciation rate
    declining-balance method of depreciation
  6. using fractions based on years of a plant asset's useful life
    sum-of-the-years-digits method of depreciation
  7. calculating estimated annual depreciation expense based on the amount of production expected from a plant asset
    production-units method of depreciation
  8. the decrease in the value of a plant asset because of the removal of a natural resource
  9. land and anything attached to the land
    real property
  10. the value of an asset determined by tax authorities for the purpose of calculating taxes
    assessed value
  11. a depreciation method required by the IRS to be used for income tax calculation purposes for most plant assets placed in service after 1986
    modified accelerated cost recovery system