A Useful Method of Accounting for Small Practices That Manually

question 64

Multiple Choice

A useful method of accounting for small practices that manually captures information at the time the transaction takes place is called a/an _____ system.

• A) easy write
• B) time of transaction
• C) one-write or pegboard
• D) one-touch capture

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Definitions:

Plant Assets

Long-term tangible assets that are used in the operation of a business and are not intended for resale.

Depreciation Expense

Apportioning a physical asset’s cost over its estimated useful life.

Straight-Line Method

The straight-line method is a technique of allocating an asset's cost evenly throughout its useful life, commonly used for depreciation and amortization calculations.

Salvage Value

The approximated market price of an asset upon completing its useful life.