Quick Definitions Flashcards
1
Q
Carrying Amount
A
The amount at which an asset is recognised after deducting any accumulated depreciation (amortisation) and accumulated impairment losses thereon.
2
Q
Fair Value Accounting
A
the practice of measuring a business’s liabilities and assets at their current market value
3
Q
Amortisation
A
an accounting technique used to periodically lower the book value of a loan or an intangible asset over a set period of time
4
Q
Capitalisation
A
when the cost is included in the value of an asset and expensed over the useful life of that asset, rather than being expensed in the period the cost was originally incurred.
