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






2. Account maintained for small purchases






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






4. Shows how much income has been earned b the business during the time period






5. Two types of share capital accounts






6. 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






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






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






9. Documents issued by companies as evidence of transactions made






10. What account is on the purchases and cash disbursements journals






11. 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






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






13. 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






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






15. Calculated from adding the non operating expenses to the net income






16. Prepared by sole proprietors and partnerships






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






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






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






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






21. What are the three versions of simply accounting






22. Are not intended for resale






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






24. Owner of a business owned by a single individual






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






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






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






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






29. 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






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






31. 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






32. 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.






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






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






35. Lists all vendors to whom your company has purchases






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






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






38. A legal document giving official permission to do something






39. A business that is owned by a single individual






40. A business that offers services to the public






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






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






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






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






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






46. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention






47. Calculated by subtracting sales from the cogs






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






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






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