Assets, Liabilities & Measurement Match
HardRace the clock — pair each term with its definition as fast as you can, then try to beat your best time. A quick, replayable warm-up for this set.
Shuffling the deck…
Terms in this set
- Depreciation Allocating the cost of a tangible long-lived asset over its useful life.
- Inventory Cost Flow Methods for assigning cost to inventory and cost of goods sold, such as FIFO, LIFO, and weighted average.
- Bonds Payable Long-term debt instruments recorded at the present value of future interest and principal payments.
- Lease Accounting The accounting for the right to use an asset under a contract, classified as finance or operating.
- Deferred Taxes Tax effects of temporary differences between book and tax treatment recorded as deferred tax assets or liabilities.
- Fair Value The price to sell an asset or transfer a liability in an orderly transaction between market participants.
- Asset Impairment A write-down of a long-lived asset (held and used) under ASC 360, recognized when its carrying amount is not recoverable from undiscounted future cash flows; the loss is measured as carrying amount minus fair value.
- Loss Contingencies Possible losses from uncertain future events, such as lawsuits, that may require accrual or disclosure.