IAAO 500 Glossary Study Guide.
Acquisition Cost - answerThe cost used in accounting to represent the purchase price of an
asset. If installation and other associated costs are included, it should be referred to as total
acquisition cost.
Bill and Hold Goods - answerA type of inventory that has ...
Acquisition Cost - answer✔The cost used in accounting to represent the purchase price of an
asset. If installation and other associated costs are included, it should be referred to as total
acquisition cost.
Bill and Hold Goods - answer✔A type of inventory that has been invoiced by not shipped from
the seller to the buyer.
Chattel - answer✔An item of tangible movable or immovable property except real estate,
freehold, and things (such as buildings) connected with real property. A synonym for personal
property.
Consigned Goods - answer✔A type of inventory in the possession of a selling agent but owned
by another party. The seller has no equity, no control of price or sale, and receives none of the
profit (as such) from sale of the property (but may receive a sales commission).
Construction In Progress - answer✔Property that is in a process of change from one state to
another, such as the conversion of personal property from inventory to fixed asset by
installation or the conversion of personalty to realty by becoming a fixture.
Discovery - answer✔The process by whereby the assessor identifies all taxable property in this
jurisdiction and ensures that it is included on the assessment role.
Economic Life - answer✔The period of time over which an asset's operation is economically
feasible. The economic life may or may not be equivalent to physical life of the asset.
External (Economic) Obsolescence - answer✔The loss in appraisal value (relative to the cost of
replacing it with property of equal utility) resulting from causes outside the property suffering
the loss. Usually locational in nature in depreciation of real estate; it is more commonly market
wide in personal property and is generally considered to be economically unfeasible to cure.
Effective Age - answer✔An age assigned to an asset based on a combination of its actual age
and condition.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Thebright. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
