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






2. Calculated by subtracting sales from the cogs






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






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






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






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






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






8. Formula to calculate the net book value






9. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale






10. Account is reduced by the value of dividends paid to the shareholder






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






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






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






14. Owner of a business owned by a single individual






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






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






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






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






19. How often are the accounts payable entries entered into the 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.






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






22. Formula to calculate the depreciation for the year






23. Documents issued by companies as evidence of transactions made






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






25. Also know as the net book value






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






27. The process of comparing the cash plus receipts to the original balance int he account






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






29. Lists all vendors to whom your company has purchases






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






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






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






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






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






35. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years






36. One is maintained for all classes of capital assets






37. You only have to enter business data once






38. Two types of share capital accounts






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






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






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






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






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






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






45. Are not intended for resale






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






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






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






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






50. Includes the costs of all goods that are complete and ready for sale






Can you answer 50 questions in 15 minutes?



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