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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. Oversees the management of the company/corporation






2. Owner of a business owned by a single individual






3. A record of a purchase made by a company - showing the terms and conditions for payment






4. 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.






5. You only have to enter business data once






6. Information from the sales invoice is recorded In what journal






7. What are the three versions of simply accounting






8. Account maintained for small purchases






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






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






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






12. The two start up methods on simply accountin through the set up wizard






13. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc






14. The ______ ______ account is used int he closing process for transferring the balances of the _______ and _______ account to the partners ________ accounts at the end of the period






15. Lists all vendors to whom your company has purchases






16. A business that is owned by a single individual






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






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






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






20. Includes all debt that is due in more than one year






21. 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






22. Formula to calculate the net book value






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






24. Prepared by sole proprietors and partnerships






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






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






27. Taxes are deducted from the income before taxes total on an income statement to come up with this total...






28. 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






29. Must have a useful life of more than one year






30. Signed by all partners in a partneship to establish rules about how the business is going to be run






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






32. Shows how much income has been earned b the business during the time period






33. Formula to calculate the depreciation for the year






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






35. Prepared by corporations - similar to a statement of owners equity






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






37. What account is on the cash receipts and sales journals






38. 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






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






40. Also know as the net book value






41. Calculated from adding the non operating expenses to the net income






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






43. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers






44. Represents the expected value of the asset at the end of its useful life to the business






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






46. Two types of share capital accounts






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






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






49. Calculated by subtracting sales from the cogs






50. Assets that have no physical form - but have value and are an integral part of the cost of doing business







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