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






2. How often are the accounts payable entries entered into the accounts payable ledger






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






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






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






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






7. A business that offers services to the public






8. Formula to calculate the depreciation for the year






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






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






11. A list of all the disbursements made from your petty cash in the box with the receipts and the cash






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






13. 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






14. Net income is also known as this on an income statement






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






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






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






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






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






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






21. Are not intended for resale






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






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






24. What are the three versions of simply accounting






25. 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






26. All daily transactions are entered through these






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






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






29. You only have to enter business data once






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






31. 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






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






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






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






35. Documents issued by companies as evidence of transactions made






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






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






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






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






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






41. 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






42. Prepared by corporations - similar to a statement of owners equity






43. Also know as the net book value






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






45. 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






46. 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






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






48. What account is on the cash receipts and sales journals






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






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