useful economic life
41straddle — A cost or revenue *allocation method that provides for equal amounts in each period of time. The rationale for using a straight line basis is that the economic activity of the underlying assets or circumstances occurs at a constant level over… …
42To extend over both sides of a physical divide or a point of time. Accounting *cutoff is complicated by transactions that straddle two or more *financial reporting periods. — A cost or revenue *allocation method that provides for equal amounts in each period of time. The rationale for using a straight line basis is that the economic activity of the underlying assets or circumstances occurs at a constant level over… …
43Straight-line basis — A cost or revenue *allocation method that provides for equal amounts in each period of time. The rationale for using a straight line basis is that the economic activity of the underlying assets or circumstances occurs at a constant level over… …
44operating lease — see lease Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. operating lease …
45accounting manual — A document that gives details of a business s accounting policies and procedures; it often includes a list of account codes or a chart of accounts. An example of an accounting policy would be the way in which the company treats depreciation,… …
46asset classification — The classification of assets as required by law on a balance sheet. Assets must be classified as fixed (i.e. held for use on a continuing basis) or current (i.e. not intended for continuing use but held on a short term basis). Fixed assets are… …
47fixed asset — capital asset An asset of a business intended for continuing use, rather than a short term current asset (such as stock). Fixed assets must be classified in a company s balance sheet as intangible, tangible, or investments. Examples of intangible …
48fixed-assets register — assets register; = plant register A listing of the fixed assets of a company. It records a description of the asset, its location, cost, revaluation, estimated net value, estimated useful economic life, depreciation method, accumulated provision… …
49goodwill — An intangible asset reflecting a business s customer connections, reputation, and similar factors. It can be valued as the difference between the value of the separable net assets of a business and the total value of the business. Purchased… …
50government grant — An amount paid to an organization to assist it to pursue activities considered socially or economically desirable. Grants may be revenue based, i.e. made by reference to a specified category of revenue expenditure. Revenue based grants should be… …
