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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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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
depreciation
land
board of directors
(cost of capital asset - residual value) / (expected useful life of capital asset)
2. Owner of a business owned by a single individual
proprietor
integrated
service business
Accounts Receivable Ledger
3. A record of a purchase made by a company - showing the terms and conditions for payment
net value
depreciation = net book value * %
purchase invoice
licenses
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.
Accounts Receivable Ledger
management
work in process inventory
current assets
5. You only have to enter business data once
(cost of capital asset - residual value) / (expected useful life of capital asset)
accounts receivable ledger
integrated
accounts payable and accrued expenses
6. Information from the sales invoice is recorded In what journal
sales journal
cash disbursements journal
reconciling the petty cash account
land
7. What are the three versions of simply accounting
accounts receivable
income statement
gross margin
basic - pro - premium
8. Account maintained for small purchases
patents
partnership agreement
petty cash account
capital assets
9. In a corporations books - the equity section is referred to as _________ ________
capital and drawings account
income before taxes
declining balance method
Shareholders equity
10. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing
Accounts Receivable Ledger
daily
outstanding checks
accounts payable ledger
11. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______
non-operating income
Accounts Receivable Ledger
management
cash receipts journal
12. The two start up methods on simply accountin through the set up wizard
express or custom
work in process inventory
corporation
accounts payable and accrued expenses
13. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc
partnership agreement
accounts receivable ledger
net book value
raw material inventory
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
integrated
Income Summary - revenue - expense - capital
basic - pro - premium
cash receipts journal
15. Lists all vendors to whom your company has purchases
non-operating income
capital assets
capital assets
Accounts Payable Ledger
16. A business that is owned by a single individual
income after taxes
capital assets
residual value
sole proprietorship
17. Shareholders equity contains two different types of accounts.... What are they
service business
Share capital accounts - retained earnings
business number
(cost of capital asset - residual value) / (expected useful life of capital asset)
18. What account is on the purchases and cash disbursements journals
cash receipts journal
Accounts payable
trademarks
long term liabilities
19. Companies that transform raw materials into finished goods for sale
Accounts Payable Ledger
capital assets
manufacturing organizations
bank reconciliation statement
20. Includes all debt that is due in more than one year
capital assets
service business
long term liabilities
land
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
accounts receivable ledger trial balance
invoices
earnings before interest and taxes
long term liabilities
22. Formula to calculate the net book value
net book value = original cost of asset - accumulated depreciation`
patents
straight line depreciation
declining balance method
23. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared
capital assets
general ledger trial balance
patents
straight line depreciation
24. Prepared by sole proprietors and partnerships
statement of owners equity
balance sheet
Income Summary - revenue - expense - capital
sales journal
25. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
petty cash record
net book value
service company
accounts receivable ledger
26. When a merchandising business prepares its income statement it includes a section called.....
income tax expenses - income tax payable
goodwill
capital assets
Cost of Goods Sold
27. Taxes are deducted from the income before taxes total on an income statement to come up with this total...
Accounts Payable Ledger
income after taxes
Accounts Receivable Ledger
accounts receivable ledger
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
income before taxes
goodwill
retained earnings account
service company
29. Must have a useful life of more than one year
Accounts Receivable Ledger
capital assets
Accounts Payable Ledger
patents
30. Signed by all partners in a partneship to establish rules about how the business is going to be run
cash disbursements journal
partnership agreement
drawings account
partnership
31. As a rule these should always be recorded on the balance sheet at cost
(cost of capital asset - residual value) / (expected useful life of capital asset)
capital assets
integrated
proprietor
32. Shows how much income has been earned b the business during the time period
income statement
land
depreciation
licenses
33. Formula to calculate the depreciation for the year
partnership agreement
depreciation = net book value * %
cash receipts journal
capital assets
34. When you proceed to reconcile your bank account you will use these two things
Accounts Payable Ledger
cash disbursements journal
net book value = original cost of asset - accumulated depreciation`
cash receipts and cash disbursements journals
35. Prepared by corporations - similar to a statement of owners equity
capital assets
partnership agreement
statement of retained earnings
retained earnings account
36. Entries involving the accounts payable account that are made to the purchases and cash disbursements journals are then posted to the ___________ __________ __________
integration
proprietor
express or custom
Accounts Payable Ledger
37. What account is on the cash receipts and sales journals
Share capital accounts - retained earnings
accounts receivable
capital assets
Accounts Payable Ledger
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
integration
declining balance method
cash receipts journal
service business
39. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement
patents
accounts receivable
drawings account
petty cash record
40. Also know as the net book value
net value
daily
trademarks
Accounts Receivable Ledger
41. Calculated from adding the non operating expenses to the net income
gross margin
income before taxes
work in process inventory
modules
42. A business owned by one or more individuals who are known as shareholders
work in process inventory
cash disbursements journal
corporation
express or custom
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
trial balance
petty cash record
accounts receivable ledger
declining balance method
44. Represents the expected value of the asset at the end of its useful life to the business
purchase invoice
residual value
accumulated depreciation account
net income
45. Amounts owed by the company that are due within one year of the balance sheet date
land
accounts receivable ledger
current liabilities
merchandising business
46. Two types of share capital accounts
statement of owners equity
land
common share accounts - preferred share accounts
capital account
47. Consist of physical assets and non-physical or intangible properties
accounts receivable ledger trial balance
board of directors
capital assets
declining balance method
48. The ledgers are linked to the general ledger by this process
income statement
net value
integration
depreciation = net book value * %
49. Calculated by subtracting sales from the cogs
gross margin
corporation
earnings before interest and taxes
bank reconciliation statement
50. Assets that have no physical form - but have value and are an integral part of the cost of doing business
non-operating income
basic - pro - premium
common share accounts - preferred share accounts
intangible capital assets
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