Accounting Vocab
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27 Terms
Cash
Asset
Accounts Receivable
Asset
Inventory
Asset
Equipment
Asset
Land
Asset
Prepaid Expenses
Asset
Buildings
Asset
Accounts Payable
Liability
Loans
Liability
Taxes Payable
Liability
Unearned Revenue
Liability
Common Stock
Equity
Retained Earnings
Equity
Owner’s Capital
Equity
Cost of Goods Sold (COGS)
Expense
Rent Expense
Expense
Salaries
Expense
Advertising
Expense
Depreciation
Expense
Interest Expense
Expense
LIFO Reserve
FIFO Ending Inventory Cost - LIFO Ending Inventory Cost
Straight Line Depreciation
Depreciation Base: Cost - Salvage Value
Depreciation Rate: 1/Estimated Useful Life
Double Declining Balance Method
Depreciation Base: Cost - Accumulated Depreciation
Depreciation Rate: 2 x (1/Estimated Useful Life)
Depreciation
Depreciation Expense: Base x Rate
NBV= Cost of Asset - Depreciation Expense
Net Book Value
Main Account - Contra Account