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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. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
capital account
amortization
accumulated depreciation account
straight line depreciation
2. Taxes are deducted from the income before taxes total on an income statement to come up with this total...
Accounts Receivable Ledger
residual value
income after taxes
drawings - capital - Income Summary - capital
3. What account is on the purchases and cash disbursements journals
land
Accounts payable
sales journal
statement of retained earnings
4. 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
intangible capital assets
accounts receivable ledger trial balance
Cost of Goods Sold
cash receipts journal
5. What is the formula for calculating straight-line depreciation
sole proprietorship
net book value
drawings - capital - Income Summary - capital
(cost of capital asset - residual value) / (expected useful life of capital asset)
6. When a merchandising business prepares its income statement it includes a section called.....
Cost of Goods Sold
capital assets
Share capital accounts - retained earnings
partnership
7. Assets that have no physical form - but have value and are an integral part of the cost of doing business
Income Summary - revenue - expense - capital
intangible capital assets
depreciation expense account
daily
8. Shows how much income has been earned b the business during the time period
long term liabilities
Cost of Goods Sold
depreciation
income statement
9. All the checks that have not appeared on the bank statement
outstanding checks
basic - pro - premium
depreciation
income tax expenses - income tax payable
10. One is maintained for all classes of capital assets
Cost of Goods Sold
patents
petty cash record
depreciation expense account
11. First part of the income statement
land
Sales
long term liabilities
trademarks
12. How often are the accounts payable entries entered into the accounts payable ledger
cash disbursements journal
daily
capital assets
capital assets
13. Lists all vendors to whom your company has purchases
patents
net value
Accounts Payable Ledger
Accounts Receivable Ledger
14. Represents the expected value of the asset at the end of its useful life to the business
accumulated depreciation account
residual value
bookkeeping
corporation
15. Calculated by subtracting sales from the cogs
proprietor
gross margin
current liabilities
Accounts Receivable Ledger
16. Owner of a business owned by a single individual
sole proprietorship
Share capital accounts - retained earnings
proprietor
amortization
17. A separate one is maintained for each class of capital assets
accumulated depreciation account
balance sheet
accounts receivable
merchandising business
18. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
current assets
petty cash record
net value
purchase journal
19. 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
accounts payable ledger
capital and drawings account
long term liabilities
residual value
20. Formula to calculate the depreciation for the year
statement of retained earnings
balance sheet
accounts receivable ledger
depreciation = net book value * %
21. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax
patents
income tax expenses - income tax payable
general ledger trial balance
Share capital accounts - retained earnings
22. This is reported after the net income on an income statement
integrated
outstanding deposits
non-operating income
income after taxes
23. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset
manufacturing organizations
purchase journal
express or custom
depreciation
24. Also know as the net book value
reconciling the petty cash account
Income Summary - revenue - expense - capital
trademarks
net value
25. 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.
accounts receivable ledger trial balance
work in process inventory
income before taxes
residual value
26. Used to write off the cost of an intangible capital asset
amortization
capital assets
accounts receivable ledger
service business
27. Represents the assets on hand - the liabilities owed and the owners equity
board of directors
gross margin
service business
balance sheet
28. Amounts owed by the company that are due within one year of the balance sheet date
current liabilities
petty cash record
trademarks
capital assets
29. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc
(cost of capital asset - residual value) / (expected useful life of capital asset)
outstanding deposits
purchase invoice
raw material inventory
30. Listed on the balance sheet are assets that can be turned into cash within one year
proprietor
long term liabilities
residual value
current assets
31. What are the three versions of simply accounting
basic - pro - premium
petty cash record
amortization
long term liabilities
32. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory
outstanding checks
Cost of Goods Sold
income tax expenses - income tax payable
capital assets
33. Signed by all partners in a partneship to establish rules about how the business is going to be run
net book value
petty cash account
partnership agreement
common share accounts - preferred share accounts
34. The two start up methods on simply accountin through the set up wizard
capital assets
express or custom
partnership
patents
35. Lists all customers and their outstanding balances for non cash or on account sales made
modules
amortization
accounts receivable ledger
trial balance
36. Prepared by corporations - similar to a statement of owners equity
Cost of Goods Sold
statement of retained earnings
current assets
land
37. A number of owners join together and create one business in which they each own an agreed upon percentage
partnership
Share capital accounts - retained earnings
income after taxes
gross margin
38. Deposits that have not yet been deposited in the bank account
reconciling the petty cash account
outstanding deposits
net book value = original cost of asset - accumulated depreciation`
service business
39. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset
straight line depreciation
capital assets
invoices
Cost of Goods Sold
40. What is used to reference a company's Canadian GST and HST
current liabilities
straight line depreciation
invoices
business number
41. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement
capital assets
cash receipts and cash disbursements journals
general ledger trial balance
drawings account
42. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers
capital assets
patents
accounts receivable ledger
Income Summary - revenue - expense - capital
43. Information from the purchase invoice is recorded In what journal
bookkeeping
Accounts Payable Ledger
earnings before interest and taxes
purchase journal
44. 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
accounts payable and accrued expenses
Accounts Payable Ledger
sole proprietorship
modules
45. Consist of physical assets and non-physical or intangible properties
daily
income after taxes
purchase invoice
capital assets
46. Are not intended for resale
bookkeeping
capital assets
income tax expenses - income tax payable
Cost of Goods Sold
47. The process of comparing the cash plus receipts to the original balance int he account
purchase journal
reconciling the petty cash account
non-operating income
capital and drawings account
48. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______
statement of owners equity
Accounts Receivable Ledger
(cost of capital asset - residual value) / (expected useful life of capital asset)
net income
49. Account is reduced by the value of dividends paid to the shareholder
modules
retained earnings account
purchase invoice
work in process inventory
50. Includes all debt that is due in more than one year
long term liabilities
reconciling the petty cash account
capital assets
purchase journal
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