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Test your basic knowledge |
Bookkeeping Advanced Vocab
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Study First
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. Account is reduced by the value of dividends paid to the shareholder
accounts payable and accrued expenses
depreciation = net book value * %
retained earnings account
Accounts Payable Ledger
2. Lists all customers and their outstanding balances for non cash or on account sales made
accounts receivable ledger
goodwill
accounts receivable
invoices
3. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
Cost of Goods Sold
residual value
capital assets
capital account
4. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin
net income
cash disbursements journal
partnership agreement
capital assets
5. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
petty cash record
accounts payable ledger
Cost of Goods Sold
balance sheet
6. 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
non-operating income
express or custom
purchase journal
trial balance
7. Represents the assets on hand - the liabilities owed and the owners equity
petty cash account
balance sheet
capital account
capital assets
8. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing
sole proprietorship
declining balance method
Accounts Receivable Ledger
petty cash account
9. Assets that have no physical form - but have value and are an integral part of the cost of doing business
trial balance
balance sheet
outstanding deposits
intangible capital assets
10. 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
land
declining balance method
capital assets
cash receipts journal
11. Taxes are deducted from the income before taxes total on an income statement to come up with this total...
income after taxes
retained earnings account
purchase invoice
cash receipts journal
12. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
common share accounts - preferred share accounts
capital assets
purchase journal
accounts payable ledger
13. Consist of physical assets and non-physical or intangible properties
long term liabilities
capital assets
petty cash record
cash receipts journal
14. You only have to enter business data once
integrated
daily
Accounts Payable Ledger
invoices
15. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
net book value
bank reconciliation statement
purchase invoice
intangible capital assets
16. This business does not have a purchase account and no inventory is recorded on the balance sheet
Sales
invoices
finished goods inventory
service business
17. A business that offers services to the public
land
service company
capital assets
net book value = original cost of asset - accumulated depreciation`
18. 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
outstanding deposits
accounts payable ledger
raw material inventory
capital assets
19. Formula to calculate the net book value
management
net book value = original cost of asset - accumulated depreciation`
invoices
purchase invoice
20. Also know as the net book value
cash receipts and cash disbursements journals
bookkeeping
net value
residual value
21. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement
depreciation expense account
balance sheet
capital assets
drawings account
22. Calculated from adding the non operating expenses to the net income
purchase journal
amortization
income before taxes
Accounts Receivable Ledger
23. Information from the sales invoice is recorded In what journal
sales journal
partnership
drawings account
raw material inventory
24. 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 payable
accounts receivable
accounts receivable ledger trial balance
Cost of Goods Sold
25. Documents issued by companies as evidence of transactions made
partnership
statement of owners equity
intangible capital assets
invoices
26. The ledgers are linked to the general ledger by this process
integration
capital assets
residual value
statement of owners equity
27. Shareholders equity contains two different types of accounts.... What are they
corporation
statement of retained earnings
Share capital accounts - retained earnings
patents
28. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention
patents
partnership
capital account
cash receipts journal
29. What is used to reference a company's Canadian GST and HST
business number
capital and drawings account
accounts receivable ledger
cash disbursements journal
30. When a merchandising business prepares its income statement it includes a section called.....
integrated
Cost of Goods Sold
licenses
daily
31. In a corporations books - the equity section is referred to as _________ ________
capital and drawings account
Shareholders equity
daily
balance sheet
32. Shows how much income has been earned b the business during the time period
retained earnings account
residual value
sole proprietorship
income statement
33. Information from the purchase invoice is recorded In what journal
petty cash record
drawings - capital - Income Summary - capital
purchase journal
common share accounts - preferred share accounts
34. Usually forms the first entry in the capital assets section of the balance sheet - all of This is grouped together into one amount under the title
goodwill
earnings before interest and taxes
land
integration
35. All daily transactions are entered through these
goodwill
modules
residual value
earnings before interest and taxes
36. The two start up methods on simply accountin through the set up wizard
petty cash account
net book value = original cost of asset - accumulated depreciation`
express or custom
manufacturing organizations
37. A partnership has a separate __________ and ____________ account for each partner
capital and drawings account
patents
income before taxes
partnership
38. One is maintained for all classes of capital assets
Sales
capital assets
depreciation expense account
service business
39. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc
raw material inventory
income tax expenses - income tax payable
manufacturing organizations
common share accounts - preferred share accounts
40. This is reported after the net income on an income statement
non-operating income
capital assets
amortization
capital assets
41. Owner of a business owned by a single individual
work in process inventory
purchase invoice
daily
proprietor
42. 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.
capital and drawings account
business number
Income Summary - revenue - expense - capital
work in process inventory
43. Signed by all partners in a partneship to establish rules about how the business is going to be run
trial balance
daily
partnership agreement
statement of retained earnings
44. Entries involving the accounts payable account that are made to the purchases and cash disbursements journals are then posted to the ___________ __________ __________
balance sheet
net value
Accounts Payable Ledger
express or custom
45. What account is on the cash receipts and sales journals
Cost of Goods Sold
accounts receivable
straight line depreciation
residual value
46. A record of a purchase made by a company - showing the terms and conditions for payment
Accounts Payable Ledger
board of directors
purchase invoice
Accounts Receivable Ledger
47. Who makes the decision on the amount to keep in the petty cash account
modules
petty cash account
management
partnership
48. Companies that transform raw materials into finished goods for sale
manufacturing organizations
partnership agreement
income before taxes
management
49. Two types of share capital accounts
common share accounts - preferred share accounts
accounts receivable ledger trial balance
service business
current liabilities
50. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______
service business
Accounts Receivable Ledger
retained earnings account
accumulated depreciation account