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






3. 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






4. Are not intended for resale






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






6. Prepared by sole proprietors and partnerships






7. All daily transactions are entered through these






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






9. Used to write off the cost of an intangible capital asset






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






11. 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.






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






13. Lists all customers and their outstanding balances for non cash or on account sales made






14. Must be held for use in the production of goods and/or services






15. Account maintained for small purchases






16. Formula to calculate the depreciation for the year






17. 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






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






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






20. A business that is owned by a single individual






21. 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






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






23. 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






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






25. 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






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 Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






27. You only have to enter business data once






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






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






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






31. A number of owners join together and create one business in which they each own an agreed upon percentage






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






33. 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






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






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






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






37. Shows how much income has been earned b the business during the time period






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






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






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






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






42. Account used to record the net income that is retained in the business at the end of the year






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






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






45. What are the three versions of simply accounting






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






47. 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






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






49. A record of a purchase made by a company - showing the terms and conditions for payment






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