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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. One is maintained for all classes of capital assets






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






3. Formula to calculate the depreciation for the year






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






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






6. Owner of a business owned by a single individual






7. Are not intended for resale






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






9. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset






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






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






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






13. Lists all vendors to whom your company has purchases






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






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






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






17. A business that is owned by a single individual






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






19. What are the three versions of simply accounting






20. A business that offers services to the public






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






22. You only have to enter business data once






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






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






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






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






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






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






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






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






31. 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






32. Formula to calculate the net book value






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






34. 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






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






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






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






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






39. Prepared by sole proprietors and partnerships






40. Calculated from adding the non operating expenses to the net income






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






42. Oversees the management of the company/corporation






43. 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






44. 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






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






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






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






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






49. 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






50. Also know as the net book value







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