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Test your basic knowledge |
Bookkeeping Advanced Vocab
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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. Consist of physical assets and non-physical or intangible properties
depreciation = net book value * %
capital assets
depreciation
net book value = original cost of asset - accumulated depreciation`
2. A business owned by one or more individuals who are known as shareholders
corporation
accounts payable and accrued expenses
service company
capital assets
3. In a corporations books - the equity section is referred to as _________ ________
current assets
Shareholders equity
petty cash account
accounts payable and accrued expenses
4. Taxes are deducted from the income before taxes total on an income statement to come up with this total...
income after taxes
Share capital accounts - retained earnings
service business
capital assets
5. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing
merchandising business
statement of owners equity
income before taxes
Accounts Receivable Ledger
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
trial balance
statement of retained earnings
capital and drawings account
depreciation
7. Who makes the decision on the amount to keep in the petty cash account
management
Accounts payable
cash receipts and cash disbursements journals
capital and drawings account
8. Includes all debt that is due in more than one year
long term liabilities
modules
corporation
petty cash record
9. Two types of share capital accounts
common share accounts - preferred share accounts
basic - pro - premium
Cost of Goods Sold
accumulated depreciation account
10. Information from the sales invoice is recorded In what journal
current assets
outstanding checks
sales journal
Cost of Goods Sold
11. 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.
partnership agreement
trademarks
amortization
work in process inventory
12. A number of owners join together and create one business in which they each own an agreed upon percentage
partnership
drawings account
service company
service business
13. When a merchandising business prepares its income statement it includes a section called.....
integrated
Cost of Goods Sold
board of directors
net value
14. Information from the purchase invoice is recorded In what journal
purchase journal
sole proprietorship
current liabilities
board of directors
15. Used to write off the cost of an intangible capital asset
proprietor
sole proprietorship
reconciling the petty cash account
amortization
16. Account used to record the net income that is retained in the business at the end of the year
long term liabilities
Share capital accounts - retained earnings
Accounts Receivable Ledger
retained earnings account
17. Amounts owed by the company that are due within one year of the balance sheet date
current liabilities
long term liabilities
trademarks
Cost of Goods Sold
18. What is used to reference a company's Canadian GST and HST
amortization
business number
net book value = original cost of asset - accumulated depreciation`
integrated
19. 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
straight line depreciation
reconciling the petty cash account
integrated
accounts payable ledger
20. All the checks that have not appeared on the bank statement
Shareholders equity
current assets
outstanding checks
capital account
21. Represents the expected value of the asset at the end of its useful life to the business
drawings - capital - Income Summary - capital
residual value
Cost of Goods Sold
Accounts Payable Ledger
22. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years
income tax expenses - income tax payable
Sales
declining balance method
purchase journal
23. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
capital assets
cash receipts journal
petty cash record
accumulated depreciation account
24. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
net book value = original cost of asset - accumulated depreciation`
goodwill
capital account
current assets
25. Prepared by corporations - similar to a statement of owners equity
capital and drawings account
statement of retained earnings
residual value
bank reconciliation statement
26. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement
drawings account
work in process inventory
accounts receivable ledger trial balance
accounts receivable
27. What account is on the cash receipts and sales journals
Accounts payable
service business
net book value = original cost of asset - accumulated depreciation`
accounts receivable
28. Prepared by sole proprietors and partnerships
statement of owners equity
accounts receivable ledger
service business
current liabilities
29. Assets that have no physical form - but have value and are an integral part of the cost of doing business
Cost of Goods Sold
business number
intangible capital assets
long term liabilities
30. A separate one is maintained for each class of capital assets
daily
earnings before interest and taxes
accumulated depreciation account
petty cash account
31. This is reported after the net income on an income statement
basic - pro - premium
outstanding checks
non-operating income
net income
32. When you proceed to reconcile your bank account you will use these two things
net book value
cash receipts and cash disbursements journals
Sales
accounts receivable
33. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared
purchase invoice
income after taxes
general ledger trial balance
capital account
34. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin
petty cash record
net income
drawings account
land
35. One is maintained for all classes of capital assets
management
depreciation expense account
statement of owners equity
accounts receivable ledger
36. Are not intended for resale
capital assets
work in process inventory
petty cash record
reconciling the petty cash account
37. A partnership has a separate __________ and ____________ account for each partner
amortization
depreciation expense account
capital and drawings account
board of directors
38. All daily transactions are entered through these
integration
depreciation
intangible capital assets
modules
39. Documents issued by companies as evidence of transactions made
straight line depreciation
accounts receivable ledger
accounts receivable ledger
invoices
40. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
modules
Sales
net book value
finished goods inventory
41. Also know as the net book value
raw material inventory
capital assets
accounts receivable ledger trial balance
net value
42. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention
cash receipts journal
patents
drawings account
long term liabilities
43. Lists all customers and their outstanding balances for non cash or on account sales made
accounts receivable ledger
amortization
accounts receivable
partnership
44. Account is reduced by the value of dividends paid to the shareholder
(cost of capital asset - residual value) / (expected useful life of capital asset)
Accounts Payable Ledger
retained earnings account
integration
45. 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
common share accounts - preferred share accounts
bank reconciliation statement
accounts receivable ledger trial balance
land
46. Companies that transform raw materials into finished goods for sale
manufacturing organizations
service company
sales journal
balance sheet
47. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory
merchandising business
Cost of Goods Sold
goodwill
board of directors
48. What are the three versions of simply accounting
bank reconciliation statement
net book value
basic - pro - premium
capital assets
49. Represents the assets on hand - the liabilities owed and the owners equity
accounts receivable
non-operating income
statement of owners equity
balance sheet
50. Listed on the balance sheet are assets that can be turned into cash within one year
capital assets
current assets
proprietor
Cost of Goods Sold