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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. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers
accounts receivable ledger
cash receipts journal
reconciling the petty cash account
Sales
2. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
finished goods inventory
capital assets
Cost of Goods Sold
land
3. All daily transactions are entered through these
licenses
management
accounts receivable ledger trial balance
modules
4. 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
work in process inventory
accounts payable and accrued expenses
bank reconciliation statement
net value
5. It is possible for a balance sheet to be off a few dollars due to rounding - if this happens you would adjust any difference through these two accounts
accounts payable and accrued expenses
accounts receivable
partnership agreement
petty cash account
6. Must be held for use in the production of goods and/or services
capital assets
trial balance
current assets
Accounts Payable Ledger
7. Entries involving the accounts payable account that are made to the purchases and cash disbursements journals are then posted to the ___________ __________ __________
Accounts Payable Ledger
service business
cash receipts and cash disbursements journals
goodwill
8. How often are the accounts payable entries entered into the accounts payable ledger
invoices
basic - pro - premium
Cost of Goods Sold
daily
9. Two types of share capital accounts
sales journal
(cost of capital asset - residual value) / (expected useful life of capital asset)
raw material inventory
common share accounts - preferred share accounts
10. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______
statement of owners equity
Accounts Receivable Ledger
purchase invoice
bookkeeping
11. Formula to calculate the net book value
integration
trademarks
licenses
net book value = original cost of asset - accumulated depreciation`
12. A legal document giving official permission to do something
cash receipts journal
licenses
net income
service company
13. 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
cash receipts journal
Accounts Receivable Ledger
Cost of Goods Sold
retained earnings account
14. 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.
depreciation = net book value * %
accounts receivable ledger trial balance
work in process inventory
Share capital accounts - retained earnings
15. One is maintained for all classes of capital assets
current liabilities
depreciation expense account
petty cash account
invoices
16. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc
modules
raw material inventory
earnings before interest and taxes
accounts payable ledger
17. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared
management
net book value = original cost of asset - accumulated depreciation`
accounts payable and accrued expenses
general ledger trial balance
18. When a merchandising business prepares its income statement it includes a section called.....
integrated
Cost of Goods Sold
sales journal
accumulated depreciation account
19. Net income is also known as this on an income statement
earnings before interest and taxes
current liabilities
petty cash record
net book value
20. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement
business number
cash receipts journal
drawings account
Accounts Payable Ledger
21. Has an indefinate life span and is not considered to reduce in value over time
capital assets
land
petty cash record
Accounts Receivable Ledger
22. A business owned by one or more individuals who are known as shareholders
accounts receivable
Accounts Receivable Ledger
Cost of Goods Sold
corporation
23. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
Income Summary - revenue - expense - capital
sole proprietorship
common share accounts - preferred share accounts
capital account
24. A record of a purchase made by a company - showing the terms and conditions for payment
purchase invoice
partnership
Accounts Payable Ledger
capital assets
25. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years
declining balance method
net book value
current liabilities
manufacturing organizations
26. The ledgers are linked to the general ledger by this process
petty cash record
daily
integration
gross margin
27. A specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes
cash disbursements journal
Accounts Payable Ledger
depreciation expense account
petty cash account
28. Includes the costs of all goods that are complete and ready for sale
service business
Income Summary - revenue - expense - capital
proprietor
finished goods inventory
29. A separate one is maintained for each class of capital assets
capital and drawings account
express or custom
current liabilities
accumulated depreciation account
30. A partnership has a separate __________ and ____________ account for each partner
capital and drawings account
current assets
board of directors
goodwill
31. Owner of a business owned by a single individual
proprietor
drawings account
accounts payable ledger
Accounts Payable Ledger
32. 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
drawings - capital - Income Summary - capital
express or custom
income statement
common share accounts - preferred share accounts
33. Taxes are deducted from the income before taxes total on an income statement to come up with this total...
capital and drawings account
patents
depreciation = net book value * %
income after taxes
34. 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
residual value
board of directors
goodwill
depreciation expense account
35. All the checks that have not appeared on the bank statement
accumulated depreciation account
basic - pro - premium
purchase journal
outstanding checks
36. The process of recording the transactions and financial activities of a business
capital assets
bookkeeping
cash receipts and cash disbursements journals
patents
37. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory
Cost of Goods Sold
gross margin
residual value
common share accounts - preferred share accounts
38. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention
patents
capital assets
modules
earnings before interest and taxes
39. Oversees the management of the company/corporation
declining balance method
capital assets
income tax expenses - income tax payable
board of directors
40. This business purchases products from its vendors for resale to its customers
merchandising business
accounts receivable
common share accounts - preferred share accounts
management
41. Assets that have no physical form - but have value and are an integral part of the cost of doing business
income tax expenses - income tax payable
cash receipts and cash disbursements journals
statement of owners equity
intangible capital assets
42. Used to write off the cost of an intangible capital asset
amortization
service business
balance sheet
integrated
43. 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
partnership agreement
capital assets
trademarks
drawings account
44. As a rule these should always be recorded on the balance sheet at cost
accounts payable ledger
partnership
basic - pro - premium
capital assets
45. Lists all vendors to whom your company has purchases
work in process inventory
Accounts Receivable Ledger
Accounts Payable Ledger
Share capital accounts - retained earnings
46. Documents issued by companies as evidence of transactions made
invoices
retained earnings account
cash disbursements journal
trademarks
47. Represents the expected value of the asset at the end of its useful life to the business
amortization
declining balance method
proprietor
residual value
48. Who makes the decision on the amount to keep in the petty cash account
depreciation
finished goods inventory
management
Sales
49. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
residual value
sales journal
income before taxes
petty cash record
50. 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
gross margin
land
Shareholders equity
patents
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