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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. 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
accounts receivable ledger trial balance
integration
non-operating income
accounts payable ledger
2. 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
cash receipts journal
integration
Sales
manufacturing organizations
3. What are the three versions of simply accounting
sales journal
earnings before interest and taxes
basic - pro - premium
outstanding deposits
4. A partnership has a separate __________ and ____________ account for each partner
finished goods inventory
residual value
capital and drawings account
invoices
5. What account is on the purchases and cash disbursements journals
bank reconciliation statement
capital assets
Accounts payable
integration
6. Prepared by corporations - similar to a statement of owners equity
accounts receivable ledger
statement of retained earnings
capital account
Accounts payable
7. 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.
modules
work in process inventory
corporation
management
8. 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
Income Summary - revenue - expense - capital
long term liabilities
accounts receivable ledger
capital assets
9. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
petty cash record
management
reconciling the petty cash account
capital assets
10. Prepared for each bank account - each month - to allow companies to verify that the company's bank account is accurate and all the items on the Statement of Account belong to the company and are reflected in the company records
invoices
service business
bank reconciliation statement
service company
11. Calculated from adding the non operating expenses to the net income
Accounts Receivable Ledger
intangible capital assets
income before taxes
capital assets
12. A business that offers services to the public
Sales
current liabilities
service company
reconciling the petty cash account
13. One is maintained for all classes of capital assets
statement of retained earnings
capital assets
depreciation expense account
land
14. When you proceed to reconcile your bank account you will use these two things
petty cash account
cash receipts and cash disbursements journals
Share capital accounts - retained earnings
patents
15. 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
capital account
accounts receivable ledger trial balance
current assets
land
16. 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
trademarks
intangible capital assets
gross margin
merchandising business
17. 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
purchase invoice
current liabilities
integrated
goodwill
18. A legal document giving official permission to do something
partnership agreement
land
licenses
cash disbursements journal
19. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______
capital assets
Accounts Receivable Ledger
accounts payable ledger
trial balance
20. Assets that have no physical form - but have value and are an integral part of the cost of doing business
intangible capital assets
accounts receivable
Accounts Payable Ledger
Cost of Goods Sold
21. What is the formula for calculating straight-line depreciation
service business
manufacturing organizations
goodwill
(cost of capital asset - residual value) / (expected useful life of capital asset)
22. 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
drawings account
income before taxes
land
patents
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
petty cash account
accounts receivable ledger
service business
board of directors
24. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
capital assets
Cost of Goods Sold
land
modules
25. Lists all vendors to whom your company has purchases
statement of owners equity
partnership
Accounts Payable Ledger
integration
26. Lists all customers and their outstanding balances for non cash or on account sales made
service business
service company
accounts receivable ledger
proprietor
27. All the checks that have not appeared on the bank statement
Cost of Goods Sold
trial balance
Income Summary - revenue - expense - capital
outstanding checks
28. Account maintained for small purchases
current liabilities
petty cash account
intangible capital assets
Sales
29. Includes the costs of all goods that are complete and ready for sale
finished goods inventory
net value
depreciation expense account
raw material inventory
30. This is reported after the net income on an income statement
bank reconciliation statement
work in process inventory
purchase journal
non-operating income
31. When a merchandising business prepares its income statement it includes a section called.....
Cost of Goods Sold
retained earnings account
Share capital accounts - retained earnings
land
32. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
Accounts Payable Ledger
statement of retained earnings
(cost of capital asset - residual value) / (expected useful life of capital asset)
capital account
33. Used to write off the cost of an intangible capital asset
amortization
Accounts Payable Ledger
sales journal
basic - pro - premium
34. A separate one is maintained for each class of capital assets
accumulated depreciation account
capital and drawings account
reconciling the petty cash account
income tax expenses - income tax payable
35. Deposits that have not yet been deposited in the bank account
finished goods inventory
land
proprietor
outstanding deposits
36. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement
net value
drawings account
Accounts payable
Accounts Payable Ledger
37. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention
integration
current liabilities
trademarks
patents
38. All daily transactions are entered through these
income statement
modules
invoices
retained earnings account
39. The process of recording the transactions and financial activities of a business
net book value = original cost of asset - accumulated depreciation`
trademarks
bookkeeping
net income
40. Consist of physical assets and non-physical or intangible properties
sales journal
gross margin
capital assets
accounts receivable ledger
41. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax
accounts receivable ledger trial balance
Accounts Receivable Ledger
Cost of Goods Sold
income tax expenses - income tax payable
42. Information from the purchase invoice is recorded In what journal
purchase journal
service business
Sales
Cost of Goods Sold
43. A record of a purchase made by a company - showing the terms and conditions for payment
capital and drawings account
purchase invoice
trial balance
gross margin
44. A number of owners join together and create one business in which they each own an agreed upon percentage
sole proprietorship
depreciation = net book value * %
partnership
Accounts payable
45. Shows how much income has been earned b the business during the time period
income statement
petty cash account
modules
non-operating income
46. Taxes are deducted from the income before taxes total on an income statement to come up with this total...
straight line depreciation
income after taxes
patents
express or custom
47. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset
capital assets
trademarks
straight line depreciation
outstanding checks
48. What is used to reference a company's Canadian GST and HST
business number
board of directors
daily
service company
49. Owner of a business owned by a single individual
express or custom
proprietor
capital assets
amortization
50. Entries involving the accounts payable account that are made to the purchases and cash disbursements journals are then posted to the ___________ __________ __________
Accounts Payable Ledger
partnership agreement
Sales
purchase invoice