Flashcard Set Preview
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| 1 |
Retained Earnings
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An amount earned by a corporation not yet distributed
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Dividends
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Earnings distributed to stockholders
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Board of Directores
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A group of persons elected by the stockholders to manage a corporation
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Declaring a Dividend
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Action by a board of directors to distribute corporate earnings to stockholders
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Merchandise Inventory
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The amound of goods on hand for sale to customers
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Uncollectible Accounts
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Accounts receivable that cannot be collected
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Method of Recording Losses From Uncollectible Accounts
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Crediting the estimated value of uncollectible accounts to a contra account
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Book Value
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The difference between an asset's account balance and its related contra account balance
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Book Value of Accounts Receivable
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The difference between the balance of Accounts Receivable and its contra account, Allowance...
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Current Assets
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Cash and other assets expected to be exchanged for cash or sonsumed within a year
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Plant Assets
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Assets that will be used for a number of years in teh operation of business
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Depreciation Expense
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The portion of a plant asset's cost that is transferred to an expense account in each fisical...
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Estimated Salvage Value
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The amount an owner expects to receive when a plant asset is removed
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Straight-Line Method of Depreciation
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Charging an equal amount of depreciation expense for a plant asset in each year of useful life
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Accumulated Depreciation
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The total amount of depreciation expense that has been recorded since the purchase of a plant...
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Book Value of a Plant Asset
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The original cost of a plant asset minus accumulated depreciation
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