What is Liquidate?
To convert non-cash assets
into cash; also to close up
business by collecting all
assets and paying all debts.
,What is the advantage of LIFO Inventory Valuation?
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Reflects current inventory prices in Cost of Goods Sold calculation.
What is tax basis accounting?
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The preparer uses tax rules to dictate the recording of income and expense
items, which may differ from the respective financing accounting methods
How should the lessee record a capital lease on its income statement?
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During each lease term, each minimum payment shall be allocated
between a reduction of obligation and interest expense.
What is Equity?
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, Regarding elements of a balance sheet, also called net worth, equity is the
claim of the owner(s) on the assets of the business.
Inventory 1 $100, Inventory 2 $300, Inventory 3 is $500. 2 units are sold. What is FIFO
COG and Valuation?
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COGS = $400, Valuation= $500
What is Depreciation?
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An accounting assumption that holds that all fixed assets (with exception of
land) deteriorate, wear out and become obsolete. The decline in value is
called depreciation.
What are Assets?
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Regarding elements of a balance sheet, anything of value that is owned or
legally due to the business. Assets are separated into categories; current
assets, fixed assets and other assets.
, What is a Lease?
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An agreement conveying right to use property, plant or equipment for
stated period of time and rental payment.
Where is Personal Property Tax Assessed?
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Equipment leasing companies are subject to sales & PPT requirements in
the jurisdiction of where the equipment is located.
What is IRS Section 179?
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1.) Allows immediate deductions for certain amounts of assets during the
year of purchase.
2.) Allowed on both new & used.
3.) Intended to help small business and is phased out after a certain $ level
of assets cost
4.) deduction amounts and $ levels for phase out have changed over the
years.
5.) $500,000 level.
6.) Phases out $2MM to $2.5MM in assets purchased
To convert non-cash assets
into cash; also to close up
business by collecting all
assets and paying all debts.
,What is the advantage of LIFO Inventory Valuation?
Give this one a try later!
Reflects current inventory prices in Cost of Goods Sold calculation.
What is tax basis accounting?
Give this one a try later!
The preparer uses tax rules to dictate the recording of income and expense
items, which may differ from the respective financing accounting methods
How should the lessee record a capital lease on its income statement?
Give this one a try later!
During each lease term, each minimum payment shall be allocated
between a reduction of obligation and interest expense.
What is Equity?
Give this one a try later!
, Regarding elements of a balance sheet, also called net worth, equity is the
claim of the owner(s) on the assets of the business.
Inventory 1 $100, Inventory 2 $300, Inventory 3 is $500. 2 units are sold. What is FIFO
COG and Valuation?
Give this one a try later!
COGS = $400, Valuation= $500
What is Depreciation?
Give this one a try later!
An accounting assumption that holds that all fixed assets (with exception of
land) deteriorate, wear out and become obsolete. The decline in value is
called depreciation.
What are Assets?
Give this one a try later!
Regarding elements of a balance sheet, anything of value that is owned or
legally due to the business. Assets are separated into categories; current
assets, fixed assets and other assets.
, What is a Lease?
Give this one a try later!
An agreement conveying right to use property, plant or equipment for
stated period of time and rental payment.
Where is Personal Property Tax Assessed?
Give this one a try later!
Equipment leasing companies are subject to sales & PPT requirements in
the jurisdiction of where the equipment is located.
What is IRS Section 179?
Give this one a try later!
1.) Allows immediate deductions for certain amounts of assets during the
year of purchase.
2.) Allowed on both new & used.
3.) Intended to help small business and is phased out after a certain $ level
of assets cost
4.) deduction amounts and $ levels for phase out have changed over the
years.
5.) $500,000 level.
6.) Phases out $2MM to $2.5MM in assets purchased
