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Test your basic knowledge |
Bookkeeping Advanced Vocab
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Study First
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. The process of comparing the cash plus receipts to the original balance int he account
statement of owners equity
drawings - capital - Income Summary - capital
accounts payable ledger
reconciling the petty cash account
2. First part of the income statement
patents
capital assets
net value
Sales
3. Account maintained for small purchases
purchase journal
Share capital accounts - retained earnings
net value
petty cash account
4. Must have a useful life of more than one year
basic - pro - premium
daily
declining balance method
capital assets
5. When you proceed to reconcile your bank account you will use these two things
proprietor
finished goods inventory
cash receipts and cash disbursements journals
income after taxes
6. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years
declining balance method
purchase invoice
daily
non-operating income
7. 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
Accounts payable
trial balance
bookkeeping
cash disbursements journal
8. You only have to enter business data once
integrated
finished goods inventory
licenses
accounts receivable
9. Includes the costs of all goods that are complete and ready for sale
drawings - capital - Income Summary - capital
capital assets
finished goods inventory
capital assets
10. The two start up methods on simply accountin through the set up wizard
accounts payable ledger
express or custom
service business
corporation
11. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers
accounts receivable
purchase invoice
accounts receivable ledger
trademarks
12. Signed by all partners in a partneship to establish rules about how the business is going to be run
Accounts Payable Ledger
partnership agreement
accumulated depreciation account
accounts receivable ledger
13. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc
manufacturing organizations
partnership
raw material inventory
purchase invoice
14. Are not intended for resale
(cost of capital asset - residual value) / (expected useful life of capital asset)
retained earnings account
capital assets
proprietor
15. Entries involving the accounts payable account that are made to the purchases and cash disbursements journals are then posted to the ___________ __________ __________
straight line depreciation
management
capital assets
Accounts Payable Ledger
16. The process of recording the transactions and financial activities of a business
common share accounts - preferred share accounts
accounts receivable ledger
bookkeeping
accounts payable ledger
17. In a corporations books - the equity section is referred to as _________ ________
long term liabilities
retained earnings account
accumulated depreciation account
Shareholders equity
18. What is used to reference a company's Canadian GST and HST
straight line depreciation
business number
drawings - capital - Income Summary - capital
depreciation expense account
19. Taxes are deducted from the income before taxes total on an income statement to come up with this total...
business number
manufacturing organizations
income after taxes
service business
20. The ledgers are linked to the general ledger by this process
Income Summary - revenue - expense - capital
integration
capital assets
statement of retained earnings
21. What account is on the cash receipts and sales journals
land
accounts receivable
cash disbursements journal
capital assets
22. A business that is owned by a single individual
sole proprietorship
capital assets
current assets
partnership
23. How often are the accounts payable entries entered into the accounts payable ledger
daily
capital assets
integrated
purchase invoice
24. Owner of a business owned by a single individual
statement of owners equity
accounts receivable ledger
proprietor
trial balance
25. Oversees the management of the company/corporation
licenses
non-operating income
board of directors
income tax expenses - income tax payable
26. This business purchases products from its vendors for resale to its customers
merchandising business
statement of owners equity
goodwill
capital assets
27. 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
sole proprietorship
Share capital accounts - retained earnings
drawings - capital - Income Summary - capital
long term liabilities
28. A record of a purchase made by a company - showing the terms and conditions for payment
income tax expenses - income tax payable
purchase invoice
Income Summary - revenue - expense - capital
net value
29. 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
capital account
basic - pro - premium
capital assets
accounts receivable ledger trial balance
30. 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
service business
accounts receivable ledger trial balance
accounts payable and accrued expenses
integration
31. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement
Accounts Payable Ledger
work in process inventory
drawings account
management
32. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
goodwill
outstanding checks
Share capital accounts - retained earnings
capital assets
33. A business that offers services to the public
service company
accumulated depreciation account
statement of owners equity
partnership agreement
34. 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
income tax expenses - income tax payable
trademarks
sales journal
capital assets
35. 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
amortization
accounts payable ledger
manufacturing organizations
drawings - capital - Income Summary - capital
36. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset
sales journal
net book value = original cost of asset - accumulated depreciation`
straight line depreciation
depreciation expense account
37. 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 Summary - revenue - expense - capital
petty cash record
modules
petty cash account
38. Deposits that have not yet been deposited in the bank account
cash receipts and cash disbursements journals
accumulated depreciation account
Income Summary - revenue - expense - capital
outstanding deposits
39. 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
amortization
trial balance
cash receipts and cash disbursements journals
40. A separate one is maintained for each class of capital assets
accumulated depreciation account
long term liabilities
manufacturing organizations
capital assets
41. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing
capital assets
bookkeeping
Accounts Receivable Ledger
manufacturing organizations
42. Shows how much income has been earned b the business during the time period
long term liabilities
income statement
Shareholders equity
accounts payable ledger
43. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention
cash receipts and cash disbursements journals
drawings - capital - Income Summary - capital
patents
depreciation = net book value * %
44. Represents the expected value of the asset at the end of its useful life to the business
petty cash account
current assets
residual value
service business
45. Assets that have no physical form - but have value and are an integral part of the cost of doing business
current liabilities
net value
depreciation expense account
intangible capital assets
46. Information from the purchase invoice is recorded In what journal
accounts receivable ledger
purchase journal
Sales
Income Summary - revenue - expense - capital
47. What are the three versions of simply accounting
reconciling the petty cash account
basic - pro - premium
long term liabilities
net book value = original cost of asset - accumulated depreciation`
48. Includes all debt that is due in more than one year
Income Summary - revenue - expense - capital
daily
long term liabilities
sales journal
49. A legal document giving official permission to do something
current liabilities
net book value = original cost of asset - accumulated depreciation`
licenses
sales journal
50. When a merchandising business prepares its income statement it includes a section called.....
net book value
earnings before interest and taxes
Cost of Goods Sold
capital assets