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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. A record of a purchase made by a company - showing the terms and conditions for payment
purchase invoice
cash disbursements journal
Cost of Goods Sold
Accounts Payable Ledger
2. All the checks that have not appeared on the bank statement
land
outstanding checks
statement of owners equity
amortization
3. What are the three versions of simply accounting
basic - pro - premium
Accounts Receivable Ledger
capital assets
drawings account
4. All daily transactions are entered through these
statement of owners equity
service business
modules
board of directors
5. What account is on the purchases and cash disbursements journals
depreciation expense account
accounts receivable ledger
Accounts Payable Ledger
Accounts payable
6. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
partnership agreement
cash receipts journal
capital account
(cost of capital asset - residual value) / (expected useful life of capital asset)
7. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement
accounts receivable ledger trial balance
drawings account
retained earnings account
cash receipts and cash disbursements journals
8. Calculated by subtracting sales from the cogs
net value
capital account
bookkeeping
gross margin
9. 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
express or custom
drawings - capital - Income Summary - capital
petty cash record
depreciation
10. One is maintained for all classes of capital assets
bank reconciliation statement
cash receipts journal
drawings - capital - Income Summary - capital
depreciation expense account
11. A legal document giving official permission to do something
manufacturing organizations
licenses
accumulated depreciation account
goodwill
12. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
cash disbursements journal
land
trial balance
capital assets
13. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years
licenses
income tax expenses - income tax payable
declining balance method
Share capital accounts - retained earnings
14. 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
petty cash record
land
declining balance method
outstanding checks
15. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
petty cash record
cash disbursements journal
Accounts Payable Ledger
outstanding deposits
16. A specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes
cash disbursements journal
proprietor
goodwill
net income
17. First part of the income statement
Sales
daily
business number
basic - pro - premium
18. Are not intended for resale
income statement
net book value
cash receipts journal
capital assets
19. Taxes are deducted from the income before taxes total on an income statement to come up with this total...
accounts receivable ledger
income after taxes
gross margin
Accounts Receivable Ledger
20. Information from the purchase invoice is recorded In what journal
income after taxes
intangible capital assets
purchase journal
capital assets
21. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention
patents
service business
finished goods inventory
petty cash account
22. Represents the assets on hand - the liabilities owed and the owners equity
amortization
purchase invoice
balance sheet
modules
23. A business owned by one or more individuals who are known as shareholders
current liabilities
drawings - capital - Income Summary - capital
corporation
retained earnings account
24. When you proceed to reconcile your bank account you will use these two things
declining balance method
cash receipts and cash disbursements journals
trademarks
land
25. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
net book value
drawings account
integration
capital assets
26. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory
non-operating income
general ledger trial balance
Cost of Goods Sold
patents
27. This business does not have a purchase account and no inventory is recorded on the balance sheet
accounts receivable
licenses
service business
Income Summary - revenue - expense - capital
28. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin
basic - pro - premium
net income
bank reconciliation statement
depreciation
29. 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
retained earnings account
land
integration
30. Account used to record the net income that is retained in the business at the end of the year
retained earnings account
patents
integration
non-operating income
31. Also know as the net book value
general ledger trial balance
accumulated depreciation account
net value
Income Summary - revenue - expense - capital
32. What is used to reference a company's Canadian GST and HST
work in process inventory
business number
partnership
capital assets
33. In a corporations books - the equity section is referred to as _________ ________
sole proprietorship
net book value = original cost of asset - accumulated depreciation`
capital assets
Shareholders equity
34. 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
accounts payable and accrued expenses
integrated
long term liabilities
35. A partnership has a separate __________ and ____________ account for each partner
drawings - capital - Income Summary - capital
(cost of capital asset - residual value) / (expected useful life of capital asset)
capital account
capital and drawings account
36. Consist of physical assets and non-physical or intangible properties
outstanding checks
capital assets
patents
trial balance
37. Formula to calculate the depreciation for the year
daily
accounts receivable ledger
depreciation = net book value * %
capital assets
38. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset
manufacturing organizations
statement of owners equity
management
straight line depreciation
39. Has an indefinate life span and is not considered to reduce in value over time
licenses
capital and drawings account
land
declining balance method
40. This is reported after the net income on an income statement
non-operating income
balance sheet
service business
proprietor
41. The ledgers are linked to the general ledger by this process
integration
balance sheet
capital and drawings account
net value
42. 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
residual value
trademarks
capital assets
Sales
43. When a merchandising business prepares its income statement it includes a section called.....
capital assets
Cost of Goods Sold
intangible capital assets
net income
44. Formula to calculate the net book value
finished goods inventory
net book value = original cost of asset - accumulated depreciation`
cash receipts journal
reconciling the petty cash account
45. Assets that have no physical form - but have value and are an integral part of the cost of doing business
integration
goodwill
straight line depreciation
intangible capital assets
46. Net income is also known as this on an income statement
land
straight line depreciation
drawings - capital - Income Summary - capital
earnings before interest and taxes
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
land
trial balance
purchase journal
accounts receivable ledger
48. Shows how much income has been earned b the business during the time period
bank reconciliation statement
work in process inventory
patents
income statement
49. A business that offers services to the public
service company
capital account
bookkeeping
merchandising business
50. 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
board of directors
income before taxes
accounts payable ledger
outstanding deposits