A trial balance prepared before adjusting entries are posted

Beginning Inventory

The amount of inventory on hand at the beginning of a fiscal period

Ending Inventory

The actual count of merchandise at the end of a fiscal period

Accrued Revenue

Revenue earned in one fiscal period but not received until a later fiscal period

Accrued Interest Income

Interest earned but not yet received

Current Assets

Cash and other assets expected to be exchanged for cash or consumed within a year

Plant Assets

Physical assets that will be used for a number of years in the operation of a business

Depreciation

A loss in the usefulness of a plant asset as a result of wear or obsolescence

Depreciation Expense

The portion of a plants asset's cost that is transferred to an expense account in each fiscal period during that asset's useful life

Salvage Value

An estimate of the amount that will be received for an asset at the time of its disposal

Useful Life

The period of time over which an asset contributes to the earnings of a business

Straight-line Method of Depreciation

Recording an equal amount of depreciation expense for a plant asset in each year of its useful life

Accumulated Depreciation

The total amount of depreciation expense that has been recorded since the purchase of a plant asset

Book Value of a Plant Asset

The original cost of a plant asset minus accumulated depreciation

Adjusted Trial Balance

A trial balance prepared after adjusting entries are posted

Tax Bracket

Each tax rate and taxable income amount on one line of a tax table

Marginal Tax Rate

The tax rate associated with a tax bracket