Examlex
Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term placing the letter designating the term in the space provided.
a.Accumulated depreciation
b.Book value
c.Depreciation
d.Residual value
e.Service life
Phrases:
_____ Also referred to as salvage value,is the amount the company expects to receive from selling the asset at the end of its service life.
_____ Allocating the cost of a tangible asset over its service life.
_____ Equal to the original cost of the asset minus the current balance in accumulated depreciation.
_____ A contra-asset account representing the total depreciation taken to date.
_____ How long the company expects to receive benefits from the asset before disposing of it.
Renegotiate
The process of revising the terms and conditions of an existing contract through mutual agreement between the involved parties.
Amend
To alter, modify, or add to a legal document or legislative bill.
Payment Clause
A contractual provision that outlines the specific terms regarding the payment schedule, methods, amounts, and conditions under a contract.
Cash Payments
Transactions where payment for goods or services is made in currency or via banknotes rather than by cheque, credit card, or other electronic means.
Q46: Identify and briefly describe the three categories
Q55: Which of the following is true for
Q66: A company understated its ending inventory balance
Q91: Using the double-declining balance method,depreciation expense for
Q97: Generally,a higher inventory turnover ratio reflects positively
Q99: Name as many items as you can
Q102: Which of the following is not a
Q112: The debt to equity ratio measures a
Q125: Checks outstanding are checks the company has
Q159: The Public Company Accounting Oversight Board (PCAOB)has