39853696
Beschreibung
Karteikarten von DANIEL OLDHAM, aktualisiert vor 3 Monate
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Erstellt von DANIEL OLDHAM
vor 3 Monate
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| Frage | Antworten |
| Accelerated Cost Recovery System (ACRS) | Tax law enacted in 1981 for assets put in service from 1981 through 1986. |
| Accelerated depreciation | Computes more depreciation expense in the early years of the asset's life than in the later years. |
| Accumulated depreciation | Amount of depreciation that has accumulated on plant and equipment assets. |
| Asset cost | The amount a company paid for the asset. |
| Book value | Cost - accumulated depreciation. |
| Declining-balance method | Accelerated method of depreciation. The depreciation each year is calculated by book value beginning each year times the rate. |
| Depreciation | Process of allocating the cost of an asset. |
| Depreciation expense | Process involving asset cost, estimated useful life, and residual value. |
| Depreciation schedule | Table showing amount of depreciation expense, accumulated depreciation, and book value for each period of time for a plant asset. |
| Estimated useful life | How long asset will be in use. |
| General Depreciation System (GDS) | Most common system to calculate depreciation. |
| Modified Accelerated Cost Recovery System (MACRS) | Part of Tax Reform Act of 1986 that revised depreciation schedules of ACRS. Tax Bill of 1989, 2010 updates MACRS. |
| Residual value | Estimated value of a plant asset after depreciation is taken. |
| Salvage value | Cost less accumulated depreciation. |
| Straight-line method | Method of depreciation that spreads an equal amount of depreciation each year over the life of the assets. |
| Straight-line rate | One divided by number of years of expected life. |
| Trade-in value | Estimated value of a plant asset after depreciation is taken. |
| Units-of-production method | Depreciation method that estimates amount of depreciation based on usage. |
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