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18 Cards in this Set

  • Front
  • Back
Capital expenditures
improves assets and extends useful life (security system, hydraulic list, new radio)
Capital expenditure journal entry
Accumulated Depreciation
Cash
Revenue Expenditure
After you buy an item (repairing flat tire, changing radiator fluid, changing oil)
Revenue Expenditure journal entry
Repairs and Maintenance Expense
Cash
Depreciation
Writing off assets over time- periodic recording
Contra Asset
Assets lose ability to provide services over time- except land
Straight Line depreciation
(cost-residual value) / useful life
Unit of production
[(cost-residual value) / useful life ]X Total units of production
Double declining balance
Multiply % by 2, multiply value by book value
Accumulated depreciation
cumulative depreciation of an asset
Book Value
Cost- Accumulated depreciation
Sale of Fixed Asset Journal Entry
Depreciation Expense
Accumulated Depreciation

Cash
accumulated depreciation
Asset (equipment, land, building0=)
Depreciation
Fixed Asset
Depletion
Natural Resources- gold,silver
Amortization
intangible assets: copyright, trademark
Patent
exclusive right by government to produce and sell goods
Copyright
exclusive right granted by federal government to publish and sell a literary, artistic or musical composition, lasts for 70 years
Goodwill
intangible asset of a business that is created by location, product, and quality, don't amortize
Fixed Asset Turnover Ratio
net sales / average book value of fixed assets