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Bookkeeping Advanced Vocab
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Subject
:
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. You only have to enter business data once
sales journal
accounts receivable ledger trial balance
integrated
income after taxes
2. Documents issued by companies as evidence of transactions made
bookkeeping
invoices
trial balance
finished goods inventory
3. A specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes
board of directors
purchase journal
cash disbursements journal
accounts receivable ledger
4. Are not intended for resale
land
licenses
capital assets
income tax expenses - income tax payable
5. 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
income statement
integrated
accounts receivable ledger trial balance
cash receipts journal
6. 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
trial balance
bank reconciliation statement
corporation
7. 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
amortization
straight line depreciation
drawings - capital - Income Summary - capital
income tax expenses - income tax payable
8. All the checks that have not appeared on the bank statement
capital assets
service company
declining balance method
outstanding checks
9. Formula to calculate the net book value
capital account
service company
statement of retained earnings
net book value = original cost of asset - accumulated depreciation`
10. 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
Accounts Payable Ledger
express or custom
common share accounts - preferred share accounts
land
11. Who makes the decision on the amount to keep in the petty cash account
management
residual value
express or custom
Accounts Payable Ledger
12. Account used to record the net income that is retained in the business at the end of the year
retained earnings account
petty cash record
purchase invoice
accounts receivable ledger trial balance
13. Calculated from adding the non operating expenses to the net income
licenses
integrated
income before taxes
Accounts Receivable Ledger
14. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset
finished goods inventory
income statement
Accounts Payable Ledger
depreciation
15. What is the formula for calculating straight-line depreciation
(cost of capital asset - residual value) / (expected useful life of capital asset)
depreciation = net book value * %
invoices
Share capital accounts - retained earnings
16. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
income tax expenses - income tax payable
net book value
petty cash account
merchandising business
17. Account is reduced by the value of dividends paid to the shareholder
Accounts Receivable Ledger
Shareholders equity
retained earnings account
intangible capital assets
18. Used to write off the cost of an intangible capital asset
income before taxes
patents
general ledger trial balance
amortization
19. Oversees the management of the company/corporation
board of directors
accounts receivable ledger trial balance
cash disbursements journal
long term liabilities
20. A business owned by one or more individuals who are known as shareholders
patents
corporation
partnership agreement
invoices
21. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing
capital assets
bank reconciliation statement
accounts receivable ledger trial balance
Accounts Receivable Ledger
22. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention
patents
trademarks
bank reconciliation statement
modules
23. When you proceed to reconcile your bank account you will use these two things
corporation
licenses
cash receipts and cash disbursements journals
trial balance
24. The two start up methods on simply accountin through the set up wizard
residual value
bank reconciliation statement
express or custom
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.
trademarks
integrated
work in process inventory
land
26. This business does not have a purchase account and no inventory is recorded on the balance sheet
accounts receivable ledger
depreciation expense account
service business
capital assets
27. Prepared by corporations - similar to a statement of owners equity
service business
Accounts Payable Ledger
statement of retained earnings
board of directors
28. 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
service business
integration
licenses
declining balance method
29. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared
outstanding checks
land
general ledger trial balance
trial balance
30. As a rule these should always be recorded on the balance sheet at cost
capital assets
board of directors
depreciation expense account
patents
31. What is used to reference a company's Canadian GST and HST
business number
service business
goodwill
drawings account
32. 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
Share capital accounts - retained earnings
retained earnings account
petty cash account
accounts receivable ledger trial balance
33. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset
depreciation expense account
straight line depreciation
(cost of capital asset - residual value) / (expected useful life of capital asset)
basic - pro - premium
34. One is maintained for all classes of capital assets
partnership
amortization
outstanding deposits
depreciation expense account
35. Represents the assets on hand - the liabilities owed and the owners equity
balance sheet
business number
service business
cash receipts and cash disbursements journals
36. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
petty cash record
capital account
cash receipts and cash disbursements journals
Shareholders equity
37. How often are the accounts payable entries entered into the accounts payable ledger
daily
sole proprietorship
income tax expenses - income tax payable
capital assets
38. 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
business number
service company
accounts receivable ledger
Income Summary - revenue - expense - capital
39. 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
Shareholders equity
sole proprietorship
manufacturing organizations
accounts payable and accrued expenses
40. The process of recording the transactions and financial activities of a business
land
Accounts Payable Ledger
basic - pro - premium
bookkeeping
41. Prepared by sole proprietors and partnerships
raw material inventory
statement of owners equity
current assets
capital assets
42. What account is on the purchases and cash disbursements journals
Accounts payable
outstanding checks
Shareholders equity
net income
43. A partnership has a separate __________ and ____________ account for each partner
intangible capital assets
outstanding deposits
bank reconciliation statement
capital and drawings account
44. A business that offers services to the public
Accounts Receivable Ledger
service company
non-operating income
depreciation = net book value * %
45. Net income is also known as this on an income statement
integration
earnings before interest and taxes
daily
basic - pro - premium
46. Lists all vendors to whom your company has purchases
gross margin
Accounts Payable Ledger
capital assets
express or custom
47. 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
capital assets
accounts payable ledger
bank reconciliation statement
depreciation = net book value * %
48. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______
petty cash record
residual value
finished goods inventory
Accounts Receivable Ledger
49. Consist of physical assets and non-physical or intangible properties
drawings account
Income Summary - revenue - expense - capital
current liabilities
capital assets
50. Information from the purchase invoice is recorded In what journal
capital assets
capital and drawings account
purchase journal
proprietor
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