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Accounting 2 Chapter 08 Concentration

Plant Asset RecordAn accounting form on which a business record information about each plant asset.
Real PropertyLand and anything attached to it.
Personal PropertyAll property not classified as real property
Assessed ValueThe value of an asset determined by tax authorities for the purpose of calculating taxes.
Straight-Line Method of DepreciationCharging an equal amount of depreciation expense for a plant asset in each year of useful life.
Book Value of a Plant AssetThe original cost of a plant asset minus accumulated depreciation
Declining- Balance Method of DepreciationMultiplying the book value at the end of each fiscal period by a constant depreciation rate.
Sum-of-the-Years-Digits Method of DepreciationUsing fractions based on the number of years of a plant asset’s useful life.
Production-Unit Method of DepreciationCalculating 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.
DepletionThe decrease in the value of a plant asset because of the removal of a natural resource


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