SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
Bookkeeping Advanced Vocab
Start Test
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. Formula to calculate the depreciation for the year
cash receipts journal
purchase invoice
capital assets
depreciation = net book value * %
2. A legal document giving official permission to do something
integrated
management
licenses
bookkeeping
3. 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
income statement
land
corporation
accounts payable ledger
4. 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
intangible capital assets
business number
express or custom
5. A number of owners join together and create one business in which they each own an agreed upon percentage
net book value
residual value
partnership
balance sheet
6. Has an indefinate life span and is not considered to reduce in value over time
land
trial balance
raw material inventory
cash disbursements journal
7. As a rule these should always be recorded on the balance sheet at cost
drawings account
capital assets
outstanding checks
common share accounts - preferred share accounts
8. All daily transactions are entered through these
service company
land
modules
integrated
9. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______
non-operating income
Accounts Receivable Ledger
purchase invoice
Sales
10. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset
residual value
outstanding deposits
accounts payable ledger
straight line depreciation
11. A business owned by one or more individuals who are known as shareholders
general ledger trial balance
management
corporation
bank reconciliation statement
12. You only have to enter business data once
bookkeeping
integrated
reconciling the petty cash account
residual value
13. A business that is owned by a single individual
basic - pro - premium
sole proprietorship
(cost of capital asset - residual value) / (expected useful life of capital asset)
residual value
14. 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.
patents
work in process inventory
invoices
Income Summary - revenue - expense - capital
15. 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
(cost of capital asset - residual value) / (expected useful life of capital asset)
Accounts Payable Ledger
capital assets
land
16. 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
patents
Accounts Payable Ledger
trial balance
service company
17. This business does not have a purchase account and no inventory is recorded on the balance sheet
service business
integrated
cash disbursements journal
petty cash record
18. A record of a purchase made by a company - showing the terms and conditions for payment
Accounts Payable Ledger
purchase invoice
net book value = original cost of asset - accumulated depreciation`
land
19. This is reported after the net income on an income statement
trial balance
drawings - capital - Income Summary - capital
Cost of Goods Sold
non-operating income
20. Includes the costs of all goods that are complete and ready for sale
finished goods inventory
Cost of Goods Sold
board of directors
drawings - capital - Income Summary - capital
21. 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
land
drawings account
cash receipts journal
(cost of capital asset - residual value) / (expected useful life of capital asset)
22. 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
capital assets
corporation
licenses
drawings - capital - Income Summary - capital
23. Account is reduced by the value of dividends paid to the shareholder
business number
merchandising business
outstanding checks
retained earnings account
24. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
capital assets
general ledger trial balance
service business
petty cash record
25. Includes all debt that is due in more than one year
capital account
business number
reconciling the petty cash account
long term liabilities
26. The two start up methods on simply accountin through the set up wizard
express or custom
service business
work in process inventory
sole proprietorship
27. Listed on the balance sheet are assets that can be turned into cash within one year
current assets
residual value
management
accounts payable and accrued expenses
28. What account is on the cash receipts and sales journals
accounts receivable
modules
daily
cash receipts journal
29. Must be held for use in the production of goods and/or services
depreciation
income after taxes
capital assets
corporation
30. 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
goodwill
merchandising business
business number
net book value
31. First part of the income statement
non-operating income
Accounts Receivable Ledger
Sales
sales journal
32. Entries involving the accounts payable account that are made to the purchases and cash disbursements journals are then posted to the ___________ __________ __________
Accounts Payable Ledger
raw material inventory
land
income tax expenses - income tax payable
33. Prepared by corporations - similar to a statement of owners equity
statement of retained earnings
finished goods inventory
Share capital accounts - retained earnings
depreciation expense account
34. All the checks that have not appeared on the bank statement
Cost of Goods Sold
goodwill
outstanding checks
capital account
35. A partnership has a separate __________ and ____________ account for each partner
common share accounts - preferred share accounts
Sales
Cost of Goods Sold
capital and drawings account
36. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory
accounts receivable ledger
Cost of Goods Sold
income before taxes
net income
37. Used to write off the cost of an intangible capital asset
amortization
bank reconciliation statement
capital assets
purchase journal
38. Account used to record the net income that is retained in the business at the end of the year
work in process inventory
retained earnings account
earnings before interest and taxes
goodwill
39. Amounts owed by the company that are due within one year of the balance sheet date
current liabilities
outstanding checks
work in process inventory
petty cash account
40. 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 ledger trial balance
daily
capital assets
accounts receivable ledger
41. 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
land
service business
land
net value
42. Information from the purchase invoice is recorded In what journal
purchase journal
income before taxes
Accounts Receivable Ledger
intangible capital assets
43. What is the formula for calculating straight-line depreciation
common share accounts - preferred share accounts
(cost of capital asset - residual value) / (expected useful life of capital asset)
land
daily
44. Deposits that have not yet been deposited in the bank account
depreciation = net book value * %
outstanding deposits
residual value
retained earnings account
45. Account maintained for small purchases
petty cash account
accounts receivable
gross margin
land
46. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing
patents
Accounts Receivable Ledger
goodwill
Share capital accounts - retained earnings
47. 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
service business
partnership agreement
land
accumulated depreciation account
48. Consist of physical assets and non-physical or intangible properties
capital assets
land
accounts payable ledger
reconciling the petty cash account
49. When a merchandising business prepares its income statement it includes a section called.....
Cost of Goods Sold
service business
net book value = original cost of asset - accumulated depreciation`
residual value
50. Prepared for each bank account - each month - to allow companies to verify that the company's bank account is accurate and all the items on the Statement of Account belong to the company and are reflected in the company records
general ledger trial balance
bank reconciliation statement
finished goods inventory
gross margin
Sorry!:) No result found.
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests