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Test your basic knowledge |
Bookkeeping Advanced Vocab
Start Test
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. A separate one is maintained for each class of capital assets
cash disbursements journal
Accounts Receivable Ledger
accumulated depreciation account
income tax expenses - income tax payable
2. All the checks that have not appeared on the bank statement
service company
capital assets
capital and drawings account
outstanding checks
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
finished goods inventory
income before taxes
trial balance
trademarks
4. Are not intended for resale
service business
capital assets
net value
residual value
5. Consist of physical assets and non-physical or intangible properties
common share accounts - preferred share accounts
capital assets
petty cash account
purchase invoice
6. Prepared by sole proprietors and partnerships
manufacturing organizations
statement of owners equity
depreciation expense account
service business
7. All daily transactions are entered through these
modules
Accounts Receivable Ledger
partnership agreement
trademarks
8. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______
intangible capital assets
(cost of capital asset - residual value) / (expected useful life of capital asset)
Accounts Receivable Ledger
cash receipts and cash disbursements journals
9. Used to write off the cost of an intangible capital asset
residual value
straight line depreciation
amortization
land
10. What account is on the cash receipts and sales journals
retained earnings account
Share capital accounts - retained earnings
accounts receivable
statement of owners equity
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.
balance sheet
work in process inventory
accounts receivable ledger trial balance
bookkeeping
12. Represents the expected value of the asset at the end of its useful life to the business
Accounts Receivable Ledger
Accounts Payable Ledger
residual value
income before taxes
13. Lists all customers and their outstanding balances for non cash or on account sales made
accumulated depreciation account
statement of retained earnings
accounts receivable ledger
common share accounts - preferred share accounts
14. Must be held for use in the production of goods and/or services
Accounts Payable Ledger
manufacturing organizations
Accounts Payable Ledger
capital assets
15. Account maintained for small purchases
intangible capital assets
accounts payable ledger
petty cash account
land
16. Formula to calculate the depreciation for the year
net book value
Income Summary - revenue - expense - capital
purchase invoice
depreciation = net book value * %
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
invoices
integrated
petty cash account
accounts payable ledger
18. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin
patents
capital assets
goodwill
net income
19. Includes all debt that is due in more than one year
retained earnings account
balance sheet
long term liabilities
manufacturing organizations
20. A business that is owned by a single individual
manufacturing organizations
reconciling the petty cash account
sole proprietorship
service business
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
goodwill
accounts receivable ledger
Accounts Payable Ledger
income tax expenses - income tax payable
22. Calculated from adding the non operating expenses to the net income
current liabilities
income before taxes
capital assets
land
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
land
drawings - capital - Income Summary - capital
Accounts Receivable Ledger
service business
24. Account is reduced by the value of dividends paid to the shareholder
retained earnings account
income statement
outstanding checks
income tax expenses - income tax payable
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
non-operating income
basic - pro - premium
raw material inventory
land
26. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement
drawings account
accumulated depreciation account
partnership agreement
sole proprietorship
27. You only have to enter business data once
accounts receivable
integrated
depreciation = net book value * %
land
28. Listed on the balance sheet are assets that can be turned into cash within one year
capital assets
current assets
balance sheet
residual value
29. Includes the costs of all goods that are complete and ready for sale
depreciation
capital assets
land
finished goods inventory
30. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared
retained earnings account
general ledger trial balance
finished goods inventory
capital assets
31. A number of owners join together and create one business in which they each own an agreed upon percentage
cash receipts and cash disbursements journals
sales journal
partnership
express or custom
32. What account is on the purchases and cash disbursements journals
income tax expenses - income tax payable
trademarks
Accounts payable
integration
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
Income Summary - revenue - expense - capital
trial balance
accounts payable and accrued expenses
capital assets
34. Assets that have no physical form - but have value and are an integral part of the cost of doing business
finished goods inventory
net value
bank reconciliation statement
intangible capital assets
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
drawings - capital - Income Summary - capital
basic - pro - premium
accounts receivable ledger
purchase invoice
36. The process of comparing the cash plus receipts to the original balance int he account
Cost of Goods Sold
income after taxes
capital assets
reconciling the petty cash account
37. Shows how much income has been earned b the business during the time period
balance sheet
income statement
goodwill
land
38. This is reported after the net income on an income statement
trial balance
non-operating income
accounts receivable ledger
income statement
39. A business owned by one or more individuals who are known as shareholders
balance sheet
accounts receivable ledger trial balance
modules
corporation
40. Prepared by corporations - similar to a statement of owners equity
land
capital account
board of directors
statement of retained earnings
41. Information from the sales invoice is recorded In what journal
balance sheet
raw material inventory
net value
sales journal
42. Account used to record the net income that is retained in the business at the end of the year
depreciation = net book value * %
patents
finished goods inventory
retained earnings account
43. This business does not have a purchase account and no inventory is recorded on the balance sheet
service company
current assets
trademarks
service business
44. The two start up methods on simply accountin through the set up wizard
purchase invoice
corporation
(cost of capital asset - residual value) / (expected useful life of capital asset)
express or custom
45. What are the three versions of simply accounting
goodwill
basic - pro - premium
land
accounts receivable ledger
46. This business purchases products from its vendors for resale to its customers
merchandising business
depreciation = net book value * %
capital and drawings account
capital account
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
bank reconciliation statement
business number
accounts payable and accrued expenses
petty cash account
48. Must have a useful life of more than one year
capital assets
accounts receivable ledger
sole proprietorship
Sales
49. A record of a purchase made by a company - showing the terms and conditions for payment
Accounts Payable Ledger
bookkeeping
purchase invoice
capital assets
50. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
income statement
Accounts Receivable Ledger
petty cash record
capital assets