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17 Cards in this Set
- Front
- Back
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Accelerated Method
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a method of depreciation that allocates relatively large amounts of the depreciable cost of an asset to earlier years and reduced amounts to later years
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Addition
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An enlargement to the physical layout of a plant asset.
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Amortization
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The periodic allocation of the cost of an intangible asset to the periods it benefits.
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Asset Impairment
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Loss of revenue-generating potential of a long-lived asset before the end of its useful life; the difference between an asset's carrying value and its fair value, as measured by the present value of the expected cash flows.
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Betterment
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An improvement that does not add to the physical layout of a plant asset.
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Brand name
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A registered name that can be used only by its owner to identify a product or service.
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Capital expenditure
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An expenditure for the purchase or expansion of a long-term asset, recorded in an asset account.
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Carrying Value
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The unexpired part of the cost of an asset, not its market value. Also called book value.
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Copyright
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An exclusive right granted by the federal government to reproduce and sell literary, musical, and other artistic materials and computer programs for a period of the author's life plus 70 years.
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Customer list
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A list of customers or subscribers
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Declining-balance method
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An accelerated method of depreciation in which depreciation is computed by applying a fixed rate to the carrying value (the declinging balance) of a tangible long-lived asset.
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Depletion
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The exhaustion of a natural resource through mining, cutting, pumping, or other extraction, and the way in which the cost is allocated.
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Depreciable cost
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The cost of an asset less its residual value.
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Depreciation
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The periodic allocation of the cost of a tangible long-lived asset (other than land and natural resources) over its estimated useful life.
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Double-declining balance method
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An accelerated method of depreciation in which a fixed rate equal to twice the straight-line percentage is applied to the carrying value (the declining balance)
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Estimated useful life
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The total number of service units expected from a long-term asset.
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Expenditure
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A payment or an obligation to make future payment for an asset or a service
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