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ACC 121 > Exam 4 > Flashcards

Exam 4 Flashcards

1
Q

Depreciation method that produces higher depreciation expense in the early years than in the later years.

A

Accelerated-depreciation method

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2
Q

Costs incurred to increase the operating efficiency, productive capacity, or useful life of a plant asset.

A

Additions and improvements

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3
Q

The allocation of the cost of an intangible asset to expense over its useful life in a systematic and rational manner

A

Amoritization

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4
Q

A measure of how efficiently a company uses its assets to generate sales; calculated as net sales divided by average total assets.

A

Asset turnover

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5
Q

Expenditures that increase the company’s investment in productive facilities.

A

Capital expenditures.

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6
Q

The fair value of the asset given up or the fair value of the asset received, whichever is more clearly determinable.

A

Cash equivalent price

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7
Q

Exclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work.

A

Copyrights

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8
Q

Depreciation method that applies a constant rate to the declining book value of the asset and produces a decreasing annual depreciation expense over the useful life of the asset.

A

Declining-balance method

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9
Q

The allocation of the cost of a natural resource in a rational and systematic manner over the resource’s useful life.

A

Depletion

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10
Q

The cost of a plant asset less its salvage value.

A

Depreciable cost

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11
Q

The process of allocating to expense the cost of a plant asset over its useful (service) life in a rational and systematic manner.

A

Depreciation

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12
Q

A contractual arrangement under which the franchisor grants the franchisee the right to sell certain products, perform specific services, or use certain trademarks or trade names, usually within a designated geographic area.

A

Franchise (license)

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13
Q

The company will continue in operation for the forseeable future.

A

Going concern assumption

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14
Q

The value of all favorable attributes that relate to a company that is not attributable to any other specific asset.

A

Goodwill

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15
Q

A permanent decline in the fair value of an asset.

A

Impairment.

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16
Q

Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not posses sphysical substance.

A

Intangible assets

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17
Q

If an item would not make a difference in decision-making, a company does not have to follow GAAP in reporting it.

A

Materiality concept

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18
Q

Assets that consist of standing timber and underground deposits of oil, gas, and minerals.

A

Natural resources

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19
Q

Expenditures to maintain the operating efficiency and productive life of the long-lived asset.

A

Ordinary repairs

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20
Q

An exclusive right issued by the U.S. Patent Office that enables the recipient to manufacture, sell, or otherwise control an invention for a period of 20 years from the date of the grant.

A

Patent

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21
Q

Tangible resources that are used in the oeprations of the business and are not intended for sale to customers.

A

Plant assets

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22
Q

Expenditures that may lead to patents, copyrights, new processes, olr new products. These costs are expensed as incurred.

A

Research and development (R&D) costs

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23
Q

Expenditures that are immediately charged against revenues as an expense.

A

Revenue expenditures

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24
Q

An estimate of an asset’s value at the end of its useful life.

A

Salvage value

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25
Q

Depreciation method in which periodic depreciation is the same for each year of the asset’s useful life.

A

Straight-line method

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26
Q

A word, phrase, jingle, or symbol that identifies a particular enterprise or product.

A

Trademark (trade name)

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27
Q

Depreciation method in which useful life is expressed in terms of the total units of production or use expected from an asset.

A

Units-of-activity method

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28
Q

An estimate of the expected productive life, also called service life, of an asset.

A

Useful life.

29
Q

Compensation to management and other personnel, based on factors such as increased sales or the amount of net income.

A

Bonus

30
Q

A potential liability that may become an actual liability in the future.

A

Contingent liability

31
Q

A measure of a company’s liquidity; computed as current assets divided by current liabilities.

A

Current ratio

32
Q

A pension plan in which the benefits that the employee will receive at retirement are defined by the terms of the plan.

A

Defined-benefit plan

33
Q

A pension plan in which the employer’s contribution to the plan is defined by the terms of the plan.

A

Defined-contribution plan

34
Q

A cumulative record of each employee’s gross earnings, deductions, and net pay during the year.

A

Employee earnings record

35
Q

A form that employees submit to their employers to indicate the number of allowances claimed.

A

Employee’s Withholding Allowance Certificate (Form W-4)

36
Q

Taxes imposed on the employer by the federal government that provide benefits for a limited time period to employees who lose their jobs through no fault of their own.

A

Federal unemployment taxes

37
Q

Payments made for the services of professionals

A

Fees

38
Q

Taxes designed to provide workers with supplemental retirement, employment disability, and medical benefits.

A

FICA taxes

39
Q

Total compensation earned by an employee.

A

Gross earnings

40
Q

Gross earnings less payroll deductions.

A

Net pay

41
Q

Obligations in the form of written notes.

A

Notes payable

42
Q

Deductions from gross earnings to determine the amount of a paycheck.

A

Payroll deductions

43
Q

A payroll record that accumulates the gross earnings, deductions, and net pay by employee for each pay period.

A

Payroll register

44
Q

An agreement whereby an employer provides benefits to employees after they retire.

A

Pension plan

45
Q

Payments by employers to retires employees for healthcare, life insurance, and pensions.

A

Postretirement benefits

46
Q

Employee pay based on a specified amount rather than an hourly rate.

A

Salaries

47
Q

A document attached to a paycheck that indicates the employee’s gross earnings, payroll deductions, and net pay.

A

Statement of earnings

48
Q

Taxes imposed on the employer by states that provide benefits to employees who lose their jobs.

A

State unemployment taxes

49
Q

A form showing gross earnings, FICA taxes withheld, and income taxes withheld, prepared annually by an employer for each employee.

A

Wage and Tax Statement (Form W-2)

50
Q

Amounts paid to employees based on a rate per hour or on a piecework basis.

A

Wages

51
Q

A measure of a company’s liquidity; computed as current assets minus current liabilities.

A

Working capital

52
Q

Admission of a partner by investing assets in the partnership, causing both partnership net assets and total capital to increase.

A

Admission by investment

53
Q

Admission of a partner in a personal transaction between one or more existing partners and the new partner; does not change total partnership assets or total capital.

A

Admission by purchase of an interest

54
Q

A debit balance in a partner’s capital account after allocation of gain or loss.

A

Capital deficiency

55
Q

Partners who have unlimited liability for the debts of the firm.

A

General partners

56
Q

The basis for dividing net income and net loss in a partnership.

A

Income ratio

57
Q

A form of business organization, usually classified as a partnership for tax purposes and usually with limited life, in which partners, who are called members, have limited liability.

A

Limited liability company

58
Q

A partnership of professionals in which partners are given limited liability and the public is protected from malpractice by insurance carried by the partnership.

A

Limited liability partnership.

59
Q

Partners whose liability for the debts of the firm is limited to their investment in the firm.

A

Limited partners

60
Q

A partnership in which one or more general partners have unlimited liability and one or more partners have limited liability for the obligations of the firm.

A

Limited partnership

61
Q

All partners have credit balances after allocation of gain or loss.

A

No capital deficiency.

62
Q

The owners’ equity statement for a partnership which shows the changes in each partner’s capital account and in total partnership capital during the year.

A

Partners’ capital statement

63
Q

An association of two or more persons to carry on as co-owners of a business for profit.

A

Partnership

64
Q

A written contract expressing the voluntary agreement of two or more individuals in a partnership.

A

Partnership agreement

65
Q

A change in partners dur to withdrawl or admission, which does not necessarily terminate the business.

A

Partnership dissolution

66
Q

An event that ends both the legal and economic life of a partnership.

A

Partnership liquidation

67
Q

A schedule showing the distribution of cash to the partners in a partnership liquidation.

A

Schedule of cash payments

68
Q

Withdrawl of a partner in a personal transaction between partners; does not change total partnership assets or total capital.

A

Withdrawal by payment from partners’ personal assets

69
Q

Withdrawal of a partner in a transaction involving the partnership, causing both partnership net assets and total capital to decrease.

A

Withdrawal by payment from partnership assets

ACC 121 (4 decks)

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