SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
Bookkeeping Advanced Vocab
Start Test
Study First
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. A separate one is maintained for each class of capital assets
accumulated depreciation account
accounts payable and accrued expenses
merchandising business
bank reconciliation statement
2. Calculated by subtracting sales from the cogs
long term liabilities
trial balance
gross margin
capital assets
3. Shareholders equity contains two different types of accounts.... What are they
Share capital accounts - retained earnings
Income Summary - revenue - expense - capital
accumulated depreciation account
net value
4. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset
straight line depreciation
partnership agreement
depreciation
invoices
5. Usually forms the first entry in the capital assets section of the balance sheet - all of This is grouped together into one amount under the title
land
Share capital accounts - retained earnings
declining balance method
Shareholders equity
6. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared
land
general ledger trial balance
income before taxes
intangible capital assets
7. This is reported after the net income on an income statement
non-operating income
board of directors
sales journal
Accounts Payable Ledger
8. Formula to calculate the net book value
retained earnings account
net book value = original cost of asset - accumulated depreciation`
purchase journal
purchase invoice
9. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
straight line depreciation
invoices
net book value
capital assets
10. Account is reduced by the value of dividends paid to the shareholder
proprietor
accounts payable and accrued expenses
retained earnings account
corporation
11. Allows the company to not only maintain accurate records of purchases and payments - but also for future reference and for the audit of the company books at the end of the year
straight line depreciation
statement of retained earnings
retained earnings account
accounts payable ledger
12. Information from the sales invoice is recorded In what journal
depreciation expense account
petty cash record
sales journal
capital assets
13. A business owned by one or more individuals who are known as shareholders
corporation
Accounts Payable Ledger
basic - pro - premium
accounts payable ledger
14. Owner of a business owned by a single individual
proprietor
capital account
income tax expenses - income tax payable
partnership agreement
15. This business purchases products from its vendors for resale to its customers
depreciation expense account
merchandising business
partnership agreement
net value
16. What account is on the purchases and cash disbursements journals
income before taxes
capital and drawings account
Shareholders equity
Accounts payable
17. The process of recording the transactions and financial activities of a business
common share accounts - preferred share accounts
bookkeeping
reconciling the petty cash account
retained earnings account
18. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin
cash receipts journal
net income
depreciation
purchase invoice
19. How often are the accounts payable entries entered into the accounts payable ledger
land
income before taxes
daily
Accounts Payable Ledger
20. 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.
Share capital accounts - retained earnings
work in process inventory
patents
trademarks
21. When you proceed to reconcile your bank account you will use these two things
manufacturing organizations
cash receipts and cash disbursements journals
service business
capital assets
22. Formula to calculate the depreciation for the year
depreciation = net book value * %
declining balance method
finished goods inventory
accounts receivable ledger
23. Documents issued by companies as evidence of transactions made
Accounts Payable Ledger
invoices
board of directors
current assets
24. When a merchandising business prepares its income statement it includes a section called.....
Cost of Goods Sold
Accounts Payable Ledger
capital assets
land
25. Also know as the net book value
balance sheet
service business
net value
non-operating income
26. 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
service company
general ledger trial balance
drawings - capital - Income Summary - capital
depreciation
27. The process of comparing the cash plus receipts to the original balance int he account
accumulated depreciation account
petty cash record
reconciling the petty cash account
net value
28. Consist of physical assets and non-physical or intangible properties
Accounts payable
capital assets
Sales
bank reconciliation statement
29. Lists all vendors to whom your company has purchases
current liabilities
service company
sales journal
Accounts Payable Ledger
30. What is the formula for calculating straight-line depreciation
bank reconciliation statement
(cost of capital asset - residual value) / (expected useful life of capital asset)
capital assets
merchandising business
31. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention
daily
amortization
trademarks
patents
32. 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
outstanding deposits
capital assets
raw material inventory
goodwill
33. Listed on the balance sheet are assets that can be turned into cash within one year
trial balance
purchase invoice
current assets
outstanding checks
34. A partnership has a separate __________ and ____________ account for each partner
intangible capital assets
capital assets
capital and drawings account
residual value
35. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years
declining balance method
statement of retained earnings
Sales
Accounts Payable Ledger
36. One is maintained for all classes of capital assets
land
non-operating income
work in process inventory
depreciation expense account
37. You only have to enter business data once
accounts receivable ledger trial balance
straight line depreciation
Share capital accounts - retained earnings
integrated
38. Two types of share capital accounts
net value
common share accounts - preferred share accounts
integrated
goodwill
39. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
long term liabilities
retained earnings account
intangible capital assets
net book value
40. The ledgers are linked to the general ledger by this process
purchase journal
daily
net book value = original cost of asset - accumulated depreciation`
integration
41. Must have a useful life of more than one year
capital assets
current liabilities
balance sheet
licenses
42. Amounts owed by the company that are due within one year of the balance sheet date
capital assets
current liabilities
accounts receivable ledger
Accounts Payable Ledger
43. 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
reconciling the petty cash account
net value
net income
cash receipts journal
44. Signed by all partners in a partneship to establish rules about how the business is going to be run
capital assets
partnership agreement
declining balance method
Accounts Payable Ledger
45. Are not intended for resale
Income Summary - revenue - expense - capital
Accounts Receivable Ledger
capital assets
invoices
46. When recording the cost of this - all related costs - such as legal - real estate - commissions and other expenses form a part of the original cost
income statement
Income Summary - revenue - expense - capital
partnership
land
47. Deposits that have not yet been deposited in the bank account
accounts payable ledger
income before taxes
outstanding deposits
invoices
48. Represents the expected value of the asset at the end of its useful life to the business
current liabilities
bank reconciliation statement
residual value
current assets
49. Taxes are deducted from the income before taxes total on an income statement to come up with this total...
sole proprietorship
purchase journal
income after taxes
basic - pro - premium
50. Includes the costs of all goods that are complete and ready for sale
management
integrated
finished goods inventory
proprietor
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests