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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. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc






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






3. Listed on the balance sheet are assets that can be turned into cash within one year






4. Lists all customers and their outstanding balances for non cash or on account sales made






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






6. Must have a useful life of more than one year






7. All daily transactions are entered through these






8. 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






9. Calculated by subtracting sales from the cogs






10. Net income is also known as this on an income statement






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






12. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years






13. 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






14. 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






15. Information from the sales invoice is recorded In what journal






16. The ledgers are linked to the general ledger by this process






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






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






19. Lists all vendors to whom your company has purchases






20. A number of owners join together and create one business in which they each own an agreed upon percentage






21. Account maintained for small purchases






22. Also know as the net book value






23. 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






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






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






26. The process of recording the transactions and financial activities of a business






27. Amounts owed by the company that are due within one year of the balance sheet date






28. 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






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






30. Formula to calculate the net book value






31. Represents the assets on hand - the liabilities owed and the owners equity






32. Two types of share capital accounts






33. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory






34. A legal document giving official permission to do something






35. Documents issued by companies as evidence of transactions made






36. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






37. Information from the purchase invoice is recorded In what journal






38. Includes the costs of all goods that are complete and ready for sale






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






40. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared






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






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






43. 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






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






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






46. 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






47. First part of the income statement






48. Includes all debt that is due in more than one year






49. A business owned by one or more individuals who are known as shareholders






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







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