Glossary 3 Flashcards by John Waller | Brainscape

Q

Define

Book value

Adjusting the Accounts

A

The difference between the cost of a depreciable asset and its related accumulated depreciation

Adjusting the Accounts

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Q

Define

Calendar year

Adjusting the Accounts

A

An accounting period that extends from January 1 to December 31.

Adjusting the Accounts

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Q

Define

Depreciation

Adjusting the Accounts

A

The process of allocating the cost of an asset to expense over its useful life.

Adjusting the Accounts

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Q

Define

Useful life

Adjusting the Accounts

A

The length of service of a long-lived asset.

Adjusting the Accounts

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