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Test your basic knowledge |
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. Shareholders equity contains two different types of accounts.... What are they
accounts payable ledger
Share capital accounts - retained earnings
cash receipts and cash disbursements journals
capital assets
2. A number of owners join together and create one business in which they each own an agreed upon percentage
partnership
bookkeeping
merchandising business
statement of retained earnings
3. Documents issued by companies as evidence of transactions made
sales journal
invoices
intangible capital assets
Income Summary - revenue - expense - capital
4. Lists all customers and their outstanding balances for non cash or on account sales made
trademarks
income after taxes
bank reconciliation statement
accounts receivable ledger
5. Lists all vendors to whom your company has purchases
net book value = original cost of asset - accumulated depreciation`
Accounts Payable Ledger
finished goods inventory
income before taxes
6. 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
balance sheet
capital assets
accounts payable and accrued expenses
7. This business does not have a purchase account and no inventory is recorded on the balance sheet
service business
business number
statement of retained earnings
accounts payable and accrued expenses
8. 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
service business
outstanding checks
Sales
capital assets
9. A specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes
goodwill
cash disbursements journal
petty cash account
capital assets
10. This business purchases products from its vendors for resale to its customers
accounts payable ledger
land
merchandising business
trial balance
11. Has an indefinate life span and is not considered to reduce in value over time
service company
express or custom
land
reconciling the petty cash account
12. Listed on the balance sheet are assets that can be turned into cash within one year
current assets
corporation
Accounts Payable Ledger
purchase invoice
13. 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
integrated
drawings - capital - Income Summary - capital
cash disbursements journal
business number
14. Account is reduced by the value of dividends paid to the shareholder
Accounts Receivable Ledger
retained earnings account
Accounts Receivable Ledger
proprietor
15. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc
(cost of capital asset - residual value) / (expected useful life of capital asset)
accounts payable ledger
land
raw material inventory
16. Represents the assets on hand - the liabilities owed and the owners equity
retained earnings account
patents
partnership
balance sheet
17. Includes all debt that is due in more than one year
long term liabilities
capital assets
amortization
express or custom
18. When you proceed to reconcile your bank account you will use these two things
cash receipts and cash disbursements journals
Accounts Payable Ledger
petty cash account
capital assets
19. All the checks that have not appeared on the bank statement
proprietor
outstanding checks
patents
cash receipts journal
20. What is the formula for calculating straight-line depreciation
proprietor
petty cash account
integrated
(cost of capital asset - residual value) / (expected useful life of capital asset)
21. Information from the sales invoice is recorded In what journal
invoices
integrated
modules
sales journal
22. Formula to calculate the depreciation for the year
depreciation = net book value * %
net income
Accounts Receivable Ledger
patents
23. A legal document giving official permission to do something
basic - pro - premium
licenses
integrated
drawings - capital - Income Summary - capital
24. The ledgers are linked to the general ledger by this process
current assets
accounts receivable ledger
integration
income statement
25. As a rule these should always be recorded on the balance sheet at cost
drawings - capital - Income Summary - capital
capital assets
land
current assets
26. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______
finished goods inventory
Cost of Goods Sold
Accounts Receivable Ledger
licenses
27. A record of a purchase made by a company - showing the terms and conditions for payment
land
gross margin
business number
purchase invoice
28. The two start up methods on simply accountin through the set up wizard
express or custom
retained earnings account
land
board of directors
29. Owner of a business owned by a single individual
long term liabilities
proprietor
drawings - capital - Income Summary - capital
service business
30. Calculated by subtracting sales from the cogs
gross margin
proprietor
daily
depreciation
31. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
amortization
capital assets
manufacturing organizations
accounts receivable
32. Includes the costs of all goods that are complete and ready for sale
trial balance
purchase invoice
finished goods inventory
(cost of capital asset - residual value) / (expected useful life of capital asset)
33. All daily transactions are entered through these
service company
petty cash account
petty cash record
modules
34. 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
straight line depreciation
service company
cash receipts journal
work in process inventory
35. A business owned by one or more individuals who are known as shareholders
sales journal
sole proprietorship
corporation
income before taxes
36. When a merchandising business prepares its income statement it includes a section called.....
Cost of Goods Sold
income before taxes
Shareholders equity
Accounts Receivable Ledger
37. Used to write off the cost of an intangible capital asset
amortization
daily
long term liabilities
licenses
38. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin
net income
statement of owners equity
capital assets
long term liabilities
39. Who makes the decision on the amount to keep in the petty cash account
integration
accounts receivable
intangible capital assets
management
40. One is maintained for all classes of capital assets
petty cash record
management
depreciation expense account
capital assets
41. Formula to calculate the net book value
daily
net book value = original cost of asset - accumulated depreciation`
declining balance method
board of directors
42. 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
statement of owners equity
manufacturing organizations
accounts payable and accrued expenses
land
43. Deposits that have not yet been deposited in the bank account
intangible capital assets
amortization
outstanding deposits
accounts receivable ledger
44. What account is on the purchases and cash disbursements journals
accounts receivable
outstanding deposits
Income Summary - revenue - expense - capital
Accounts payable
45. The process of comparing the cash plus receipts to the original balance int he account
capital assets
patents
Accounts Receivable Ledger
reconciling the petty cash account
46. 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
capital assets
sole proprietorship
proprietor
47. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax
Sales
income tax expenses - income tax payable
modules
land
48. A partnership has a separate __________ and ____________ account for each partner
service business
capital and drawings account
general ledger trial balance
land
49. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset
land
retained earnings account
straight line depreciation
invoices
50. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
gross margin
capital account
intangible capital assets
long term liabilities
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