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Bookkeeping Advanced Vocab
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Subject
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business-skills
Instructions:
Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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1. The ledgers are linked to the general ledger by this process
integration
accounts receivable ledger
outstanding checks
depreciation = net book value * %
2. When a merchandising business prepares its income statement it includes a section called.....
Cost of Goods Sold
cash disbursements journal
accounts payable ledger
gross margin
3. One is maintained for all classes of capital assets
depreciation expense account
Cost of Goods Sold
land
partnership agreement
4. Documents issued by companies as evidence of transactions made
invoices
accounts payable ledger
statement of retained earnings
accounts payable and accrued expenses
5. What account is on the purchases and cash disbursements journals
intangible capital assets
accounts payable ledger
accounts receivable
Accounts payable
6. Formula to calculate the depreciation for the year
depreciation = net book value * %
management
gross margin
goodwill
7. First part of the income statement
Sales
purchase journal
board of directors
patents
8. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing
daily
non-operating income
Accounts Receivable Ledger
express or custom
9. Account used to record the net income that is retained in the business at the end of the year
retained earnings account
balance sheet
accounts payable ledger
accounts receivable ledger
10. Includes the costs of all goods that are complete and ready for sale
partnership
finished goods inventory
daily
drawings account
11. You only have to enter business data once
integrated
balance sheet
long term liabilities
income after taxes
12. This business purchases products from its vendors for resale to its customers
amortization
capital assets
earnings before interest and taxes
merchandising business
13. Must have a useful life of more than one year
long term liabilities
express or custom
outstanding deposits
capital assets
14. The process of comparing the cash plus receipts to the original balance int he account
net value
Sales
reconciling the petty cash account
accounts payable and accrued expenses
15. In a corporations books - the equity section is referred to as _________ ________
Cost of Goods Sold
Shareholders equity
declining balance method
accounts receivable ledger trial balance
16. The process of recording the transactions and financial activities of a business
bookkeeping
trial balance
sole proprietorship
accounts payable and accrued expenses
17. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention
corporation
board of directors
patents
bank reconciliation statement
18. Who makes the decision on the amount to keep in the petty cash account
accounts receivable
cash disbursements journal
management
depreciation = net book value * %
19. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory
accounts receivable ledger
trial balance
raw material inventory
Cost of Goods Sold
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
corporation
petty cash record
depreciation = net book value * %
land
21. Oversees the management of the company/corporation
accounts receivable ledger
petty cash account
drawings account
board of directors
22. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers
depreciation
capital and drawings account
straight line depreciation
accounts receivable ledger
23. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset
merchandising business
depreciation
drawings account
basic - pro - premium
24. This business does not have a purchase account and no inventory is recorded on the balance sheet
merchandising business
depreciation = net book value * %
service business
balance sheet
25. What is the formula for calculating straight-line depreciation
integration
residual value
(cost of capital asset - residual value) / (expected useful life of capital asset)
gross margin
26. A separate one is maintained for each class of capital assets
management
accumulated depreciation account
statement of owners equity
land
27. Information from the sales invoice is recorded In what journal
sales journal
land
merchandising business
integrated
28. Are not intended for resale
accounts receivable ledger trial balance
manufacturing organizations
Cost of Goods Sold
capital assets
29. A specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes
Shareholders equity
balance sheet
cash disbursements journal
straight line depreciation
30. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset
Accounts Receivable Ledger
capital assets
straight line depreciation
depreciation
31. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
petty cash record
capital assets
net income
corporation
32. Account maintained for small purchases
sales journal
petty cash account
capital account
intangible capital assets
33. A business that is owned by a single individual
outstanding deposits
sole proprietorship
capital and drawings account
land
34. All the checks that have not appeared on the bank statement
finished goods inventory
net book value = original cost of asset - accumulated depreciation`
cash disbursements journal
outstanding checks
35. Consist of physical assets and non-physical or intangible properties
income after taxes
service business
capital assets
Sales
36. Also know as the net book value
reconciling the petty cash account
Accounts Payable Ledger
capital assets
net value
37. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement
service business
drawings account
work in process inventory
capital assets
38. 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
finished goods inventory
depreciation = net book value * %
non-operating income
service business
39. Used to write off the cost of an intangible capital asset
gross margin
accumulated depreciation account
amortization
business number
40. Lists all vendors to whom your company has purchases
Accounts Payable Ledger
retained earnings account
depreciation
manufacturing organizations
41. How often are the accounts payable entries entered into the accounts payable ledger
trademarks
daily
Accounts Receivable Ledger
net income
42. Deposits that have not yet been deposited in the bank account
outstanding deposits
declining balance method
work in process inventory
capital assets
43. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin
common share accounts - preferred share accounts
outstanding checks
merchandising business
net income
44. 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 Summary - revenue - expense - capital
cash receipts journal
corporation
capital account
45. Shows how much income has been earned b the business during the time period
management
Accounts payable
(cost of capital asset - residual value) / (expected useful life of capital asset)
income statement
46. Signed by all partners in a partneship to establish rules about how the business is going to be run
land
accounts receivable ledger trial balance
partnership agreement
daily
47. All daily transactions are entered through these
modules
statement of owners equity
board of directors
petty cash account
48. Includes all debt that is due in more than one year
patents
invoices
long term liabilities
Accounts Payable Ledger
49. Listed on the balance sheet are assets that can be turned into cash within one year
current assets
residual value
non-operating income
land
50. Information from the purchase invoice is recorded In what journal
merchandising business
finished goods inventory
purchase journal
net book value
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