Final Exam Review Flashcards
(52 cards)
The depreciation charged by this method decreases by the same amount each year
Straight-line depreciation
These methods are used for depreciating multiple-asset accounts
Group and composite method
These methods allocated larger shares of the cost of a plant asset to expense during the years in which the greatest use is made of the asset
Units of output and working hours method
These methods always allocate larger shares of the cost of a plant asset to expense during the earlier years of its life
Declining-balance and sum-of-the-years’-digits method
Once the depreciable base, scrap value, and life of a plant asset are determined, the annual charges to operations under this method will be the same
Straight-line method
accrued salaries and wages
current liabilities
rent revenues for 3 months collected in advance
current liabilities
land used as plant side
plant assets
equity securities classified as trading
current assets
cash
current assets
accrued interest payable due in 30 days
current liabilities
premium on preferred stock issued
additional paid-in capital
dividends in arrears on preferred stock
notes to financial statements
petty cash fund
current assets
unamortized discount on bonds payable due 2022
(long-term liabilities)
common stock at par value
capital stock
bond indenture convenants
notes to financial statements
unamortized premium on bonds payable due in 2026
long-term liabilties
allowance for doubtful accounts
(current assets)
accumulated depreciation - equipment
(plant assets)
natural resource - timberlands
plant assets
deficit (no net income earned since beginning of company)
(retained earnings)
goodwill
intangible assets
90 day notes payable
current liabilities
