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






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






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






4. First part of the income statement






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






6. 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






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






8. Formula to calculate the net book value






9. Formula to calculate the depreciation for the year






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






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






12. 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






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






14. Includes the costs of all products being made by a company that are not yet complete and ready to sell. This may include labor and overhead that have been invested in their production to date.






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






16. A separate one is maintained for each class of capital assets






17. 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






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






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






20. 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






21. 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






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






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






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






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






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






27. Oversees the management of the company/corporation






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






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






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






31. 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






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






33. A business that is owned by a single individual






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






35. Account maintained for small purchases






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






37. Companies that transform raw materials into finished goods for sale






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






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






40. A business that offers services to the public






41. 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






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






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






44. What are the three versions of simply accounting






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






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






47. 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






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






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






50. Are not intended for resale







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