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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. Formula to calculate the depreciation for the year






2. A legal document giving official permission to do something






3. 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






4. 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






5. A number of owners join together and create one business in which they each own an agreed upon percentage






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






7. As a rule these should always be recorded on the balance sheet at cost






8. All daily transactions are entered through these






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






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






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






12. You only have to enter business data once






13. A business that is owned by a single individual






14. 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.






15. 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






16. 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






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






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






19. This is reported after the net income on an income statement






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






21. 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






22. 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






23. Account is reduced by the value of dividends paid to the shareholder






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






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






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






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






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






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






30. 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






31. First part of the income statement






32. Entries involving the accounts payable account that are made to the purchases and cash disbursements journals are then posted to the ___________ __________ __________






33. Prepared by corporations - similar to a statement of owners equity






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






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






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






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






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






39. Amounts owed by the company that are due within one year of the balance sheet date






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






41. 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






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






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






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






45. Account maintained for small purchases






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






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






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






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






50. 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







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