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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 list of all the disbursements made from your petty cash in the box with the receipts and the cash






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






3. As a rule these should always be recorded on the balance sheet at cost






4. You only have to enter business data once






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






6. 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






7. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory






8. What are the three versions of simply accounting






9. Net income is also known as this on an income statement






10. Includes all debt that is due in more than one year






11. Also know as the net book value






12. How often are the accounts payable entries entered into the accounts payable ledger






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






14. Prepared by sole proprietors and partnerships






15. First part of the income statement






16. This business does not have a purchase account and no inventory is recorded on the balance sheet






17. Represents the assets on hand - the liabilities owed and the owners equity






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






19. 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






20. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc






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






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






23. 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






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






25. Calculated from adding the non operating expenses to the net income






26. Formula to calculate the depreciation for the year






27. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax






28. Who makes the decision on the amount to keep in the petty cash account






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






30. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______






31. 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






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






33. One is maintained for all classes of capital assets






34. Prepared by corporations - similar to a statement of owners equity






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






36. A legal document giving official permission to do something






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






38. The two start up methods on simply accountin through the set up wizard






39. 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






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






41. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers






42. All the checks that have not appeared on the bank statement






43. 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






44. What account is on the cash receipts and sales journals






45. Lists all vendors to whom your company has purchases






46. 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.






47. 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






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






49. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






50. Assets that have no physical form - but have value and are an integral part of the cost of doing business