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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. What are the three versions of simply accounting






2. Formula to calculate the depreciation for the year






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






4. Prepared by sole proprietors and partnerships






5. All daily transactions are entered through these






6. 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






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






8. 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






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






10. One is maintained for all classes of capital assets






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






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






13. Also know as the net book value






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






15. Account maintained for small purchases






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






17. Formula to calculate the net book value






18. 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






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






20. Two types of share capital accounts






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






22. Documents issued by companies as evidence of transactions made






23. Owner of a business owned by a single individual






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






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






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






27. The two start up methods on simply accountin through the set up wizard






28. Oversees the management of the company/corporation






29. When you proceed to reconcile your bank account you will use these two things






30. Must be held for use in the production of goods and/or services






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






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






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






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






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






36. A legal document giving official permission to do something






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






38. A record of a purchase made by a company - showing the terms and conditions for payment






39. 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






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






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






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






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






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






45. What account is on the cash receipts and sales journals






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






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






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






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






50. A partnership has a separate __________ and ____________ account for each partner