Please study the 15 vocabulary terms below. Then press the Mark Complete button to continue.
- accelerated depreciation
- a term used to show that the reduction of an asset's value happens faster at the start of its useful life than at the end
- accrual accounting
- an accounting method that measures the performance and position of a company by recognizing economic events regardless of when cash transactions occur
- allocate
- distribute according to an existing plan
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Assets like vehicles lose a lot of value in the first year of their life, which is why accelerated depreciation is such a useful tool.
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The accountant advised to operate an accrual accounting system for the small start-up, as he said it gave a more accurate picture of the true financial state.
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After studying the budget, it was clear that the marketing department had been allocated more than was needed.
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