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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.
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. What is used to reference a company's Canadian GST and HST
basic - pro - premium
capital assets
business number
Cost of Goods Sold
2. Shareholders equity contains two different types of accounts.... What are they
licenses
long term liabilities
Share capital accounts - retained earnings
statement of owners equity
3. Amounts owed by the company that are due within one year of the balance sheet date
merchandising business
land
retained earnings account
current liabilities
4. Lists all customers and their outstanding balances for non cash or on account sales made
capital assets
cash disbursements journal
straight line depreciation
accounts receivable ledger
5. 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
trial balance
net book value
accounts receivable ledger trial balance
income statement
6. Prepared by sole proprietors and partnerships
accounts receivable
statement of owners equity
purchase journal
cash receipts and cash disbursements journals
7. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
net book value = original cost of asset - accumulated depreciation`
long term liabilities
intangible capital assets
capital assets
8. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
partnership agreement
drawings account
retained earnings account
capital account
9. Assets that have no physical form - but have value and are an integral part of the cost of doing business
goodwill
intangible capital assets
statement of retained earnings
Accounts Receivable Ledger
10. Deposits that have not yet been deposited in the bank account
outstanding deposits
corporation
sales journal
capital assets
11. 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
net income
integrated
drawings - capital - Income Summary - capital
trial balance
12. Lists all vendors to whom your company has purchases
Accounts Payable Ledger
capital assets
accumulated depreciation account
capital and drawings account
13. This business does not have a purchase account and no inventory is recorded on the balance sheet
licenses
capital and drawings account
service business
net book value
14. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax
land
reconciling the petty cash account
income tax expenses - income tax payable
trial balance
15. How often are the accounts payable entries entered into the accounts payable ledger
Share capital accounts - retained earnings
land
service business
daily
16. This business purchases products from its vendors for resale to its customers
cash disbursements journal
accounts receivable ledger trial balance
merchandising business
basic - pro - premium
17. Must be held for use in the production of goods and/or services
invoices
statement of owners equity
express or custom
capital assets
18. A partnership has a separate __________ and ____________ account for each partner
accounts payable ledger
cash receipts and cash disbursements journals
(cost of capital asset - residual value) / (expected useful life of capital asset)
capital and drawings account
19. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
partnership
petty cash account
capital assets
net book value
20. 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
accounts payable ledger
patents
trademarks
goodwill
21. Net income is also known as this on an income statement
basic - pro - premium
depreciation expense account
earnings before interest and taxes
declining balance method
22. Formula to calculate the depreciation for the year
depreciation = net book value * %
integration
integrated
accounts payable ledger
23. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______
(cost of capital asset - residual value) / (expected useful life of capital asset)
raw material inventory
Accounts Receivable Ledger
cash receipts and cash disbursements journals
24. A specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes
statement of retained earnings
net book value
cash disbursements journal
basic - pro - premium
25. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years
declining balance method
balance sheet
non-operating income
outstanding deposits
26. Information from the purchase invoice is recorded In what journal
sole proprietorship
purchase journal
service business
management
27. A number of owners join together and create one business in which they each own an agreed upon percentage
partnership
service business
capital account
depreciation = net book value * %
28. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset
patents
non-operating income
straight line depreciation
bookkeeping
29. Includes the costs of all goods that are complete and ready for sale
Accounts Payable Ledger
income before taxes
modules
finished goods inventory
30. Represents the expected value of the asset at the end of its useful life to the business
residual value
modules
proprietor
accounts receivable ledger
31. What account is on the purchases and cash disbursements journals
income tax expenses - income tax payable
Accounts payable
purchase invoice
capital assets
32. First part of the income statement
non-operating income
Sales
intangible capital assets
service company
33. 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
accounts receivable ledger trial balance
cash receipts journal
land
basic - pro - premium
34. 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.
drawings - capital - Income Summary - capital
accounts receivable ledger trial balance
capital assets
work in process inventory
35. Account is reduced by the value of dividends paid to the shareholder
retained earnings account
Share capital accounts - retained earnings
depreciation expense account
accounts receivable
36. In a corporations books - the equity section is referred to as _________ ________
integrated
land
Shareholders equity
common share accounts - preferred share accounts
37. When you proceed to reconcile your bank account you will use these two things
land
cash receipts and cash disbursements journals
capital assets
accounts receivable ledger
38. Prepared by corporations - similar to a statement of owners equity
service company
Accounts payable
reconciling the petty cash account
statement of retained earnings
39. As a rule these should always be recorded on the balance sheet at cost
Cost of Goods Sold
capital assets
finished goods inventory
accounts payable ledger
40. Also know as the net book value
service business
net value
cash disbursements journal
Accounts Receivable Ledger
41. All the checks that have not appeared on the bank statement
business number
partnership
outstanding checks
corporation
42. All daily transactions are entered through these
accumulated depreciation account
balance sheet
modules
accounts payable and accrued expenses
43. What is the formula for calculating straight-line depreciation
petty cash record
board of directors
(cost of capital asset - residual value) / (expected useful life of capital asset)
drawings - capital - Income Summary - capital
44. 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
Sales
management
gross margin
accounts payable ledger
45. Listed on the balance sheet are assets that can be turned into cash within one year
net income
cash disbursements journal
current assets
statement of retained earnings
46. The process of recording the transactions and financial activities of a business
bookkeeping
statement of owners equity
finished goods inventory
depreciation expense account
47. Documents issued by companies as evidence of transactions made
board of directors
accounts receivable ledger trial balance
modules
invoices
48. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc
net book value
petty cash account
accounts payable ledger
raw material inventory
49. A legal document giving official permission to do something
land
licenses
long term liabilities
current liabilities
50. Owner of a business owned by a single individual
corporation
proprietor
express or custom
petty cash account
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