FBLA Accounting 1 2026 |
Study Guide, Practice
Questions, Answers,
Rationales & Exam
Review| Complete Ethics
Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
,Return on investment The ration of the money earned on investment relative to the amount of the
investment.
Real property Land and anything attached to the land.
Personal property All property not classified as real property.
Assessed value The value of an asset determined by tax authorities for the purpose of calculating
taxes.
Plant asset record An accounting form on which a business records information about each plant
asset.
Gain An increase in equity resulting from activity other than selling goods or services.
Gain on plant assets An increase in equity that results when a plant asset is sold for more than book
value.
Loss A decrease in equity resulting from activity other than selling goods or services.
Loss on plant assets The decrease in equity that results when a plant asset is sold for less than book
value.
Accelerated depreciation Any method of depreciation which records greater depreciation expense in the early
years and less depreciation expense in the later years.
Declining-balance method of depreciation A type of accelerated depreciation that multiplies the book value of an asset by a
constant depreciation rate to determine annual depreciation.
Double-declining balance method of depreciation A declining-balance rate that is two times the straight-line rate.
, Intangible asset An asset that does not have physical substance.
Amortization The spreading of the cost of an intangible asset over its useful life.
real property land and anything attached to the land
personal property all property not classified as real property
assessed value The value of an asset determined by tax authorities for the purpose of calculating
taxes
plant asset record An accounting form on which a business records information about each plant
asset.
gain on plant assets Revenue that results when a plant asset is sold for more than book value.
loss on plant assets The loss that results when a plant asset is sold for less than book value.
payroll list of a business's employees and the payment due to each employee for a specific
pay period
pay period amount of time for which an employee is paid
payroll clerk a person who is responsible for preparing the payroll
gross earnings total amount of money earned by an employee in a pay period
Study Guide, Practice
Questions, Answers,
Rationales & Exam
Review| Complete Ethics
Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
,Return on investment The ration of the money earned on investment relative to the amount of the
investment.
Real property Land and anything attached to the land.
Personal property All property not classified as real property.
Assessed value The value of an asset determined by tax authorities for the purpose of calculating
taxes.
Plant asset record An accounting form on which a business records information about each plant
asset.
Gain An increase in equity resulting from activity other than selling goods or services.
Gain on plant assets An increase in equity that results when a plant asset is sold for more than book
value.
Loss A decrease in equity resulting from activity other than selling goods or services.
Loss on plant assets The decrease in equity that results when a plant asset is sold for less than book
value.
Accelerated depreciation Any method of depreciation which records greater depreciation expense in the early
years and less depreciation expense in the later years.
Declining-balance method of depreciation A type of accelerated depreciation that multiplies the book value of an asset by a
constant depreciation rate to determine annual depreciation.
Double-declining balance method of depreciation A declining-balance rate that is two times the straight-line rate.
, Intangible asset An asset that does not have physical substance.
Amortization The spreading of the cost of an intangible asset over its useful life.
real property land and anything attached to the land
personal property all property not classified as real property
assessed value The value of an asset determined by tax authorities for the purpose of calculating
taxes
plant asset record An accounting form on which a business records information about each plant
asset.
gain on plant assets Revenue that results when a plant asset is sold for more than book value.
loss on plant assets The loss that results when a plant asset is sold for less than book value.
payroll list of a business's employees and the payment due to each employee for a specific
pay period
pay period amount of time for which an employee is paid
payroll clerk a person who is responsible for preparing the payroll
gross earnings total amount of money earned by an employee in a pay period
