| A | B |
|---|
| plant assets | Assets taht will be used for a number of years in the operation of a business. |
| real property | Land and anything attached to the land. |
| 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. |
| estimated salvage value | The amount the business expects to receive when a plant asset is removed from use. |
| estimated useful life | The nubmer of years a plant asset is expected to be used. |
| accumulated depreciation | The amount of depreciation expense of a plant asset's useful life. |
| book value of a plant asset | The original cost of a plant asset minus accumulated depreciation. |
| plant asset record | An accounting form on which a business records information about each plant asset. |
| gain on plant assets | Revenue that results when a plant asset is sold for more than book value. |
| loss on plant assets | The loss that results when a plant asset is sold for less than book value. |
| declining-balance method of depreciation | Multiplying the book value by a constant depreciation rate at the end of each fiscal period. |
| straight-line method of depreciation | Charging an equal amount of depreciation expense in each full year in which the asset is used. |
