Which accelerated depreciation method counts twice as much of the asset's book value each year as an expense? Double Declining Balance Method Sum-of-the-Years'-Digits Method Straight-Line Method Units of Production Method

Double Declining Balance Method

What is the journal entry for recording depreciation expense? Debit to Cash and Credit to Depreciation Expense Debit to Accumulated Depreciation and Credit to Depreciation Expense Debit to Depreciation Expense and Credit to Cash Debit to Depreciation Expense and Credit to Accumulated Depreciation

Debit to Depreciation Expense and Credit to Accumulated Depreciation

What are the characteristics of a corporation? Separate legal entity, number of owners, no personal liability, lack of mutual agency, indefinite life, taxation, capital accumulation Unlimited liability, limited life, mutual agency, limited capital accumulation Partnership agreement, shared liability, limited life, mutual agency Single ownership, personal liability, limited life, mutual agency

Separate legal entity, number of owners, no personal liability, lack of mutual agency, indefinite life, taxation, capital accumulation

What are the advantages of a corporation? Corporations can raise more money, have continuous life, easy transfer of ownership, no mutual agency, limited liability Partnership agreement, shared liability, limited life, mutual agency Single ownership, personal liability, limited life, mutual agency Unlimited liability, limited life, difficult transfer of ownership, mutual agency

Corporations can raise more money, have continuous life, easy transfer of ownership, no mutual agency, limited liability

Accounting Principles Flashcards: Depreciation Methods & Asset Valuation

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Cards in this deck(35)

What principle states that acquired assets and services should be recorded at their actual cost?

Which depreciation method distributes an equal amount of depreciation each year?

What is the method of calculating the depreciation of the value of an asset over time based on usage?

Which accelerated depreciation method counts twice as much of the asset's book value each year as an expense?

What are physical assets, such as real estate and cars, that can be held for either consumption or investment purposes called?

What are long-term assets like patents, trademarks, and copyrights that have no physical form but do have value?

What is the intangible asset associated with the purchase of one company by another?

What is the journal entry for recording depreciation expense?

What are the characteristics of a corporation?

What are the advantages of a corporation?

What are the disadvantages of a corporation?

What is the term for previous outstanding stock that is bought back from stockholders by the issuing company?

What are the three key dividend dates?

What happens on the date of declaration for dividends, and what is the journal entry?

What occurs on the date of record for dividends, and what is the journal entry?

What happens on the date of payment for dividends, and what is the journal entry?

What type of shares give shareholders the right to enjoy cumulative dividend payout even if the company is not making a profit?

What type of stock does not pay stockholders any unpaid or omitted dividends?

What accounts are found under the stockholders' equity section of the balance sheet?

What is the basic purpose of the statement of cash flows?

What information does the statement of cash flows provide?

What are operating transactions in the context of cash flows?

What are investing transactions in the context of cash flows?

What are financing transactions in the context of cash flows?

What are the characteristics of a cash flow statement?

How is the cash flow statement different from other financial statements?

What does a direct cash flow statement identify?

How does an indirect cash flow statement determine cash flow?

What are the three types of activities in the statement of cash flows?

How does depreciation expense get adjusted in the statement of cash flows?

What occurs when the issue price of a bond is less than its face value?

What occurs when the issue price of a bond is above its face value?

What is a loan that can be issued at any price by an investor called?

What are the characteristics of bonds?

What is the journal entry for recording the issuance of debt?

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Accounting Principles Flashcards: Depreciation Methods & Asset Valuation

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