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Bookkeeping Advanced Vocab

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. At the end of the year - the bookkeeper will close each partner's __________ account to his/her _______ account and allocate each partner's share of the net income or loss in the business from the _________ ________ Account to his/her ________ accoun






2. An intangible asset that represents the value of a company's name - customer service - staff - and other factors - the buyer of a business is often willing to pay for this asset in addition to the value of its other assets






3. Companies that transform raw materials into finished goods for sale






4. It is possible for a balance sheet to be off a few dollars due to rounding - if this happens you would adjust any difference through these two accounts






5. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset






6. A business owned by one or more individuals who are known as shareholders






7. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory






8. A word - symbol - design - or combination of these used to represent products or services provided by a company. It helps to distinguish products or services of one company from another






9. When you proceed to reconcile your bank account you will use these two things






10. Documents issued by companies as evidence of transactions made






11. Shareholders equity contains two different types of accounts.... What are they






12. Formula to calculate the depreciation for the year






13. All the checks that have not appeared on the bank statement






14. One is maintained for all classes of capital assets






15. Allows companies to see patterns of negligence and shows where the company should take action to collect accounts that are overdue - also enables the company to create an allowance for bad and doubtful accounts whenpreparing the financial statements






16. Listed on the balance sheet are assets that can be turned into cash within one year






17. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset






18. The process of recording the transactions and financial activities of a business






19. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention






20. The ledgers are linked to the general ledger by this process






21. This business does not have a purchase account and no inventory is recorded on the balance sheet






22. A number of owners join together and create one business in which they each own an agreed upon percentage






23. In this business there is usually one revenue account for each type of revenue earned - and there are various expense accounts where the costs of operating the business are recorded






24. Consist of physical assets and non-physical or intangible properties






25. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement






26. What is the formula for calculating straight-line depreciation






27. Includes the costs of all products being made by a company that are not yet complete and ready to sell. This may include labor and overhead that have been invested in their production to date.






28. A separate one is maintained for each class of capital assets






29. This is reported after the net income on an income statement






30. A business that offers services to the public






31. Calculated by subtracting sales from the cogs






32. Amounts owed by the company that are due within one year of the balance sheet date






33. In a corporations books - the equity section is referred to as _________ ________






34. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______






35. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared






36. A partnership has a separate __________ and ____________ account for each partner






37. Are not intended for resale






38. Entries involving the accounts payable account that are made to the purchases and cash disbursements journals are then posted to the ___________ __________ __________






39. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin






40. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






41. What account is on the purchases and cash disbursements journals






42. As a rule these should always be recorded on the balance sheet at cost






43. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset






44. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing






45. This business purchases products from its vendors for resale to its customers






46. A list of all the disbursements made from your petty cash in the box with the receipts and the cash






47. When a merchandising business prepares its income statement it includes a section called.....






48. Formula to calculate the net book value






49. A specialized journal used to systematically record all cash received from customers payments on account - and from other sources such as cash sales - interest and sales taxes






50. Deposits that have not yet been deposited in the bank account







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