Karteikarten
Chapter 17: Key Terms
Karten in diesem Stapel (18)
- 1Accelerated Cost Recovery System (ACRS).Tax law enacted in 1981 for assets put in service from 1981 through 1986, 462.
- 2Accelerated DepreciationComputes more depreciation expense in the early years of the asset's life than in the later years, 453-454, 461-462.
- 3Accumulated DepreciationAmount of depreciation that has accumulated on plant and equipment assets, 458.
- 4Asset CostAmount company paid for the asset, 458.
- 5Book ValueCost less accumulated depreciation, 458.
- 6Declining-balance MethodAccelerated method of depreciation. the depreciation each year is calculated by book value beginning each year times the rate, 461-462.
- 7DepreciationProcess of allocating the cost of an asset (less residual value) over the asset's estimated life, 458.
- 8Depreciation ExpenseProcess involving asset cost, estimated useful life, and residual value (salvage or trade-in value), 458.
- 9Depreciation ScheduleTable showing amount of depreciation expense, accumulated depreciation, and book value for each period of time for a plant asset, 459.
- 10Estimated Useful LifeHow long the asset will be in use, 458.
- 11General Depreciation System (GDS)Most common (MACRS) System to calculate depreciation, 463.
- 12Modified Accelerated Cost Recovery System (MACRS)Par of Tax Reform Act of 1986 that revised depreciation schedules of ACRS. Tax Bill of 1989, 2010 updates MACRS, 462-464.
- 13Residual ValueEstimated value of a plant asset after depreciation is taken (or end of useful life), 458.
- 14Salvage ValueCost less accumulated depreciation, 458.
- 15Straight-line MethodMethod of depreciation that spreads an equal amount of depreciation each year over the life of the assets, 459, 461.
- 16Straight Line RateOne divided by number of years of expected life, 461.
- 17Trade-In ValueEstimated value of a plant asset after depreciation is taken (or end of useful life), 458.
- 18Units-Of-Production MethodDepreciation method that estimates amount of depreciation based on usage, 460.
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- Karteikarten am Chapter 17: Key Terms, erstellt von ASHTON VEACH am 27/09/2023.
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