Examlex
Ms.Edgerton wants to construct an assessment instrument that is a good reflection of what her students have learned from a recent unit on the history of their city.To do so, she might best begin by constructing a table of specifications that includes both:
Construction in Progress Account
An account in the balance sheet that accumulates costs related to the construction of a long-term asset until the asset is ready for use, at which point the total cost is transferred to the fixed assets account.
GAAP
Generally Accepted Accounting Principles, which are a collection of commonly-followed accounting rules and standards for financial reporting.
Research and Development
The investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures.
Write-down
An accounting procedure reducing the book value of an asset when its market value drops below the recorded cost, resulting in a non-cash expense.
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