Finance > QUESTIONS & ANSWERS > Finance Practice Concepts with Solutions (All)
Accelerated depreciation Correct Answer A method of depreciation which allocates a greater portion of cost to the early years of the life of an asset. Double-declining balance and sum-of-the-year's di... gits are two types of this method of depreciation. Accounting Correct Answer The process used to identify, measure, record, and report financial information. Accounts payable Correct Answer Amounts owed to suppliers for goods or services purchased on credit. Accounts Receivable Correct Answer Amounts due from customers or residents. Accrual basis of accounting Correct Answer Income is recognized when earned rather than when cash is received, and expenses are recognized as incurred regardless of whether payment is made. Accumulated depreciation Correct Answer Total depreciation taken to date on a depreciable asset. Allowable cost Correct Answer Cost related to resident care and certain indirect cost allowed by Medicaid. [Show More]
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