| A | B |
|---|
| Plant Asset Record | An accounting form on which a business record information about each plant asset. |
| Real Property | Land and anything attached to it. |
| Personal Property | All property not classified as real property |
| Assessed Value | The value of an asset determined by tax authorities for the purpose of calculating taxes. |
| Straight-Line Method of Depreciation | Charging an equal amount of depreciation expense for a plant asset in each year of useful life. |
| Book Value of a Plant Asset | The original cost of a plant asset minus accumulated depreciation |
| Declining- Balance Method of Depreciation | Multiplying the book value at the end of each fiscal period by a constant depreciation rate. |
| Sum-of-the-Years-Digits Method of Depreciation | Using fractions based on the number of years of a plant asset’s useful life. |
| Production-Unit Method of Depreciation | Calculating estimated annual depreciation expense based on the amount of production expected from a plant asset. |
| Modified Accelerated Cost Recovery System(MACRS) | A depreciation method required by the Internal Revenue Service to be used for income tax calculation purpose for most plant assets placed in service after 1986. |
| Depletion | The decrease in the value of a plant asset because of the removal of a natural resource |
