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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 specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes






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






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






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






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






6. A business that offers services to the public






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






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






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






10. As a rule these should always be recorded on the balance sheet at cost






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






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






13. Lists all vendors to whom your company has purchases






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






15. Prepared by sole proprietors and partnerships






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






17. 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






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






19. 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






20. Documents issued by companies as evidence of transactions made






21. Net income is also known as this on an income statement






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






23. Account maintained for small purchases






24. 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






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






26. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale






27. 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






28. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc






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






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






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






32. Owner of a business owned by a single individual






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






34. 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






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






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






37. Formula to calculate the depreciation for the year






38. Calculated by subtracting sales from the cogs






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






40. You only have to enter business data once






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






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






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






44. When a merchandising business prepares its income statement it includes a section called.....






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






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






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






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






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






50. 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







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Can you answer 50 questions in 15 minutes?


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