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Bookkeeping Advanced Vocab
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. 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
net book value
bank reconciliation statement
general ledger trial balance
cash disbursements journal
2. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax
income tax expenses - income tax payable
sales journal
Sales
Income Summary - revenue - expense - capital
3. The ledgers are linked to the general ledger by this process
service business
integration
partnership agreement
service business
4. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention
service business
goodwill
bank reconciliation statement
patents
5. Net income is also known as this on an income statement
earnings before interest and taxes
Income Summary - revenue - expense - capital
intangible capital assets
Accounts Payable Ledger
6. Oversees the management of the company/corporation
drawings account
outstanding deposits
board of directors
non-operating income
7. Represents the expected value of the asset at the end of its useful life to the business
finished goods inventory
residual value
integration
Income Summary - revenue - expense - capital
8. Shows how much income has been earned b the business during the time period
declining balance method
Accounts Receivable Ledger
income statement
integrated
9. You only have to enter business data once
integrated
net book value
residual value
service business
10. Prepared by sole proprietors and partnerships
accounts receivable ledger trial balance
work in process inventory
licenses
statement of owners equity
11. When a merchandising business prepares its income statement it includes a section called.....
accounts payable and accrued expenses
service business
Cost of Goods Sold
depreciation
12. What is the formula for calculating straight-line depreciation
(cost of capital asset - residual value) / (expected useful life of capital asset)
Cost of Goods Sold
accounts receivable ledger
current liabilities
13. In a corporations books - the equity section is referred to as _________ ________
income statement
manufacturing organizations
Shareholders equity
Accounts payable
14. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
accumulated depreciation account
net book value = original cost of asset - accumulated depreciation`
petty cash record
intangible capital assets
15. 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
Sales
service business
finished goods inventory
sole proprietorship
16. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
income statement
non-operating income
Accounts Payable Ledger
capital account
17. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin
merchandising business
Shareholders equity
residual value
net income
18. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset
cash disbursements journal
depreciation
capital assets
board of directors
19. What account is on the purchases and cash disbursements journals
sole proprietorship
Accounts Receivable Ledger
Accounts payable
net book value = original cost of asset - accumulated depreciation`
20. Account used to record the net income that is retained in the business at the end of the year
service business
income statement
Accounts Receivable Ledger
retained earnings account
21. The process of comparing the cash plus receipts to the original balance int he account
petty cash record
reconciling the petty cash account
(cost of capital asset - residual value) / (expected useful life of capital asset)
drawings account
22. 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 tax expenses - income tax payable
board of directors
Income Summary - revenue - expense - capital
bank reconciliation statement
23. Companies that transform raw materials into finished goods for sale
capital account
income tax expenses - income tax payable
accounts receivable
manufacturing organizations
24. Signed by all partners in a partneship to establish rules about how the business is going to be run
partnership agreement
declining balance method
cash receipts and cash disbursements journals
statement of owners equity
25. 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
declining balance method
common share accounts - preferred share accounts
service business
goodwill
26. This business does not have a purchase account and no inventory is recorded on the balance sheet
raw material inventory
capital account
service business
capital assets
27. All daily transactions are entered through these
accounts payable and accrued expenses
retained earnings account
modules
daily
28. Calculated from adding the non operating expenses to the net income
daily
depreciation
drawings - capital - Income Summary - capital
income before taxes
29. 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
cash receipts journal
net book value = original cost of asset - accumulated depreciation`
statement of retained earnings
express or custom
30. Documents issued by companies as evidence of transactions made
depreciation expense account
capital assets
invoices
business number
31. 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
capital and drawings account
raw material inventory
accounts payable and accrued expenses
gross margin
32. Represents the assets on hand - the liabilities owed and the owners equity
Cost of Goods Sold
balance sheet
drawings - capital - Income Summary - capital
proprietor
33. A separate one is maintained for each class of capital assets
cash receipts journal
accumulated depreciation account
capital assets
common share accounts - preferred share accounts
34. The two start up methods on simply accountin through the set up wizard
common share accounts - preferred share accounts
petty cash record
capital account
express or custom
35. Includes the costs of all goods that are complete and ready for sale
manufacturing organizations
finished goods inventory
income after taxes
non-operating income
36. First part of the income statement
declining balance method
statement of owners equity
Sales
petty cash record
37. 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
land
work in process inventory
residual value
capital and drawings account
38. A specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes
express or custom
cash disbursements journal
accounts payable ledger
drawings - capital - Income Summary - capital
39. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory
depreciation expense account
Cost of Goods Sold
sole proprietorship
petty cash account
40. Information from the sales invoice is recorded In what journal
outstanding checks
gross margin
earnings before interest and taxes
sales journal
41. Listed on the balance sheet are assets that can be turned into cash within one year
depreciation
accumulated depreciation account
current assets
land
42. 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
trial balance
capital assets
invoices
partnership agreement
43. 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
drawings account
accounts receivable ledger trial balance
capital assets
accounts payable ledger
44. Are not intended for resale
non-operating income
declining balance method
service business
capital assets
45. Lists all vendors to whom your company has purchases
declining balance method
depreciation = net book value * %
earnings before interest and taxes
Accounts Payable Ledger
46. A business that is owned by a single individual
sole proprietorship
net book value = original cost of asset - accumulated depreciation`
business number
cash disbursements journal
47. A business that offers services to the public
management
service company
Income Summary - revenue - expense - capital
purchase invoice
48. What is used to reference a company's Canadian GST and HST
capital account
Accounts Payable Ledger
business number
current assets
49. 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
land
drawings account
non-operating income
accounts payable and accrued expenses
50. What are the three versions of simply accounting
goodwill
statement of owners equity
Cost of Goods Sold
basic - pro - premium
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