Designate the terminology that best represents the definition or statement given below :

An expenditure charged as an expense when incurred

An assumption that the economic life of a business can be divided into artificial time periods

The net value of an asset or liability per the accounting records

Assets = Liabilities + Capital + Revenue - Dividends - Expenses

One of the four (4) financial statements that shows how cash is provided and used in operations, investments, and financing activities

Use of the same accounting principles and methods from period to period by the same business enterprise

Occurs when a business receives cash before earning, and records the earning over time

Amount of tax added to a sale of goods and recorded as a current liability by the business

A characteristic of information that means it is capable of making a difference in a decision

The periodic write-off of an intangible asset

The total amount subject to depreciation, cost - salvage value

An account that is related to an asset account, but has a credit balance, thus reducing the related asset value on the accounting records.

Method of allocating a portion of the cost of a plant asset to expense where the annual depreciation amount decreases each year and is calculated using

Book Value The systematic allocation of a portion of the cost of a plant asset to expense in the years the asset helps to generate revenue

The net income earned by each share of outstanding common stock

Shares of stock that are authorized, issued and still in the hands of shareholders

Feelings that you will have when this class is completed Investments in plant assets