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Bookkeeping Advanced Vocab
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Documents issued by companies as evidence of transactions made
statement of owners equity
non-operating income
sales journal
invoices
2. 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
Accounts Receivable Ledger
service business
cash receipts and cash disbursements journals
non-operating income
3. 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
finished goods inventory
trial balance
Accounts Receivable Ledger
Income Summary - revenue - expense - capital
4. Two types of share capital accounts
cash receipts and cash disbursements journals
accumulated depreciation account
capital assets
common share accounts - preferred share accounts
5. Must be held for use in the production of goods and/or services
net income
capital assets
sole proprietorship
(cost of capital asset - residual value) / (expected useful life of capital asset)
6. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers
accounts receivable ledger trial balance
balance sheet
bank reconciliation statement
accounts receivable ledger
7. What is used to reference a company's Canadian GST and HST
licenses
service business
business number
Income Summary - revenue - expense - capital
8. 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
partnership agreement
drawings - capital - Income Summary - capital
accumulated depreciation account
current assets
9. All daily transactions are entered through these
Accounts Receivable Ledger
modules
bank reconciliation statement
statement of retained earnings
10. Each subsidiary ledger has this prepared to ensure that the credit/debit columns balance and are then compared with the control account in the general ledger
gross margin
accounts receivable ledger
partnership
trial balance
11. A record of a purchase made by a company - showing the terms and conditions for payment
Accounts Receivable Ledger
finished goods inventory
purchase invoice
trial balance
12. This is reported after the net income on an income statement
invoices
non-operating income
integration
income after taxes
13. What is the formula for calculating straight-line depreciation
residual value
purchase journal
(cost of capital asset - residual value) / (expected useful life of capital asset)
accounts receivable
14. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
Accounts Payable Ledger
purchase invoice
work in process inventory
capital assets
15. First part of the income statement
accounts receivable
Sales
proprietor
capital account
16. Net income is also known as this on an income statement
depreciation
partnership
basic - pro - premium
earnings before interest and taxes
17. Used to write off the cost of an intangible capital asset
statement of retained earnings
purchase journal
amortization
straight line depreciation
18. What are the three versions of simply accounting
accounts receivable ledger trial balance
basic - pro - premium
capital and drawings account
Accounts Payable Ledger
19. 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
accounts receivable ledger trial balance
income tax expenses - income tax payable
statement of retained earnings
merchandising business
20. Represents the expected value of the asset at the end of its useful life to the business
raw material inventory
board of directors
residual value
manufacturing organizations
21. A number of owners join together and create one business in which they each own an agreed upon percentage
service business
income before taxes
partnership
depreciation = net book value * %
22. Amounts owed by the company that are due within one year of the balance sheet date
land
daily
current liabilities
Sales
23. 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
daily
trademarks
capital and drawings account
common share accounts - preferred share accounts
24. Deposits that have not yet been deposited in the bank account
income tax expenses - income tax payable
manufacturing organizations
accounts payable and accrued expenses
outstanding deposits
25. When a merchandising business prepares its income statement it includes a section called.....
Accounts Receivable Ledger
capital account
Cost of Goods Sold
Income Summary - revenue - expense - capital
26. Account maintained for small purchases
Shareholders equity
petty cash account
balance sheet
merchandising business
27. The two start up methods on simply accountin through the set up wizard
express or custom
daily
management
intangible capital assets
28. Assets that have no physical form - but have value and are an integral part of the cost of doing business
trademarks
invoices
depreciation = net book value * %
intangible capital assets
29. Calculated from adding the non operating expenses to the net income
retained earnings account
income after taxes
Cost of Goods Sold
income before taxes
30. Signed by all partners in a partneship to establish rules about how the business is going to be run
partnership agreement
retained earnings account
current liabilities
accounts payable and accrued expenses
31. Calculated by subtracting sales from the cogs
accounts receivable ledger
invoices
purchase journal
gross margin
32. Lists all customers and their outstanding balances for non cash or on account sales made
Sales
accounts receivable ledger
capital assets
land
33. Owner of a business owned by a single individual
proprietor
retained earnings account
integrated
accounts receivable ledger
34. The process of recording the transactions and financial activities of a business
bookkeeping
accumulated depreciation account
declining balance method
partnership agreement
35. Formula to calculate the depreciation for the year
land
raw material inventory
depreciation = net book value * %
invoices
36. A separate one is maintained for each class of capital assets
accumulated depreciation account
purchase invoice
intangible capital assets
Accounts Payable Ledger
37. As a rule these should always be recorded on the balance sheet at cost
capital assets
current liabilities
outstanding checks
straight line depreciation
38. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
cash receipts and cash disbursements journals
petty cash record
current assets
capital and drawings account
39. Lists all vendors to whom your company has purchases
land
licenses
Accounts Payable Ledger
board of directors
40. Are not intended for resale
accounts receivable ledger
gross margin
capital assets
accounts payable ledger
41. 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
retained earnings account
accounts receivable ledger
accounts payable ledger
income tax expenses - income tax payable
42. A specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes
modules
cash disbursements journal
income before taxes
licenses
43. Formula to calculate the net book value
net book value = original cost of asset - accumulated depreciation`
cash receipts and cash disbursements journals
Accounts Receivable Ledger
finished goods inventory
44. All the checks that have not appeared on the bank statement
bank reconciliation statement
outstanding checks
management
accounts receivable ledger
45. A legal document giving official permission to do something
licenses
outstanding checks
partnership agreement
capital and drawings account
46. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared
residual value
general ledger trial balance
net book value = original cost of asset - accumulated depreciation`
work in process inventory
47. This business purchases products from its vendors for resale to its customers
capital and drawings account
outstanding checks
balance sheet
merchandising business
48. Consist of physical assets and non-physical or intangible properties
capital assets
purchase journal
non-operating income
patents
49. 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
purchase invoice
income after taxes
land
sole proprietorship
50. A partnership has a separate __________ and ____________ account for each partner
capital and drawings account
petty cash record
merchandising business
earnings before interest and taxes
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