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






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






3. One is maintained for all classes of capital assets






4. Documents issued by companies as evidence of transactions made






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






6. Formula to calculate the depreciation for the year






7. First part of the income statement






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






9. Account used to record the net income that is retained in the business at the end of the year






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






11. You only have to enter business data once






12. This business purchases products from its vendors for resale to its customers






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






14. The process of comparing the cash plus receipts to the original balance int he account






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






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






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






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






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






20. 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






21. Oversees the management of the company/corporation






22. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers






23. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset






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






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






26. A separate one is maintained for each class of capital assets






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






28. Are not intended for resale






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






30. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset






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






32. Account maintained for small purchases






33. A business that is owned by a single individual






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






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






36. Also know as the net book value






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






38. 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






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






40. Lists all vendors to whom your company has purchases






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






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






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






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






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






46. Signed by all partners in a partneship to establish rules about how the business is going to be run






47. All daily transactions are entered through these






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






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






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







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Can you answer 50 questions in 15 minutes?


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