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






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






3. Documents issued by companies as evidence of transactions made






4. Lists all customers and their outstanding balances for non cash or on account sales made






5. Lists all vendors to whom your company has purchases






6. 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






7. This business does not have a purchase account and no inventory is recorded on the balance sheet






8. In this business there is usually one revenue account for each type of revenue earned - and there are various expense accounts where the costs of operating the business are recorded






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






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






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






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






13. 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






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






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






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






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






18. When you proceed to reconcile your bank account you will use these two things






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






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






21. Information from the sales invoice is recorded In what journal






22. Formula to calculate the depreciation for the year






23. A legal document giving official permission to do something






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






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






26. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______






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






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






29. Owner of a business owned by a single individual






30. Calculated by subtracting sales from the cogs






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






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






33. All daily transactions are entered through these






34. 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






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






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






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






38. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin






39. Who makes the decision on the amount to keep in the petty cash account






40. One is maintained for all classes of capital assets






41. Formula to calculate the net book value






42. 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






43. Deposits that have not yet been deposited in the bank account






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






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






46. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing






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






48. A partnership has a separate __________ and ____________ account for each partner






49. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset






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







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