| A | B |
|---|
| unadjusted trial balance | A trial balance prepared before adjusting entries are posted |
| beginning inventory | The amount of inventory on hand at the beginning of a fiscal period |
| ending inventory | The actual count of merchandise at the end of a fiscal period |
| accrued revenue | Revenue earned in one fiscal period but not received until a later fiscal period |
| accrued interest income | Interest earned but not yet received |
| current assets | Cash and other assets expected to be exchanged for cash or consumed within a year |
| plant assets | Physical assets that will be used for a number of years in the operation of a business |
| depreciation | A loss in the usefulness of a plant asset as a result of wear or obsolescence |
| depreciation expense | The portion of a plant asset’s cost that is transferred to an expense account in each fiscal period during the asset's useful life |
| salvage value | An estimate of the amount that will be received for an asset at the time of its disposal |
| useful life | The period of time over which an asset contributes to the earnings of a business |
| straight-line method of depreciation | Recording an equal amount of depreciation expense for a plant asset in each year of its useful life |
| accumulated depreciation | The total amount of depreciation expense that has been recorded since the purchase of a plant asset |
| book value of a plant asset | The original cost of a plant asset minus accumulated depreciation |
| adjusted trial balance | A trial balance prepared after adjusting entries are posted |
| tax bracket | Each tax rate and taxable income amount on one line of a tax table |
| marginal tax rate | The tax rate associated with a tax bracket |
