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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 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






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






3. What is the formula for calculating straight-line depreciation






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






5. All daily transactions are entered through these






6. The ledgers are linked to the general ledger by this process






7. First part of the income statement






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






9. 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






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






11. In a corporations books - the equity section is referred to as _________ ________






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






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






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






15. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax






16. Entries involving the accounts payable account that are made to the purchases and cash disbursements journals are then posted to the ___________ __________ __________






17. Shareholders equity contains two different types of accounts.... What are they






18. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement






19. 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






20. Represents the assets on hand - the liabilities owed and the owners equity






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






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






23. Signed by all partners in a partneship to establish rules about how the business is going to be run






24. 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






25. Documents issued by companies as evidence of transactions made






26. The process of recording the transactions and financial activities of a business






27. 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






28. Amounts owed by the company that are due within one year of the balance sheet date






29. 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






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






31. Calculated by subtracting sales from the cogs






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






33. Owner of a business owned by a single individual






34. Also know as the net book value






35. 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






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






37. Are not intended for resale






38. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years






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






40. Has an indefinate life span and is not considered to reduce in value over time






41. How often are the accounts payable entries entered into the accounts payable ledger






42. Information from the purchase invoice is recorded In what journal






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






44. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention






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






46. Lists all vendors to whom your company has purchases






47. Taxes are deducted from the income before taxes total on an income statement to come up with this total...






48. 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






49. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset






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