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Bookkeeping Advanced Vocab
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Subject
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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. Shows how much income has been earned b the business during the time period
income statement
net book value = original cost of asset - accumulated depreciation`
net book value
accounts receivable ledger
2. First part of the income statement
Sales
retained earnings account
income statement
land
3. Used to write off the cost of an intangible capital asset
capital assets
accounts payable and accrued expenses
amortization
Income Summary - revenue - expense - capital
4. The two start up methods on simply accountin through the set up wizard
modules
(cost of capital asset - residual value) / (expected useful life of capital asset)
Shareholders equity
express or custom
5. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory
accounts payable and accrued expenses
capital assets
purchase invoice
Cost of Goods Sold
6. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years
modules
land
patents
declining balance method
7. This is reported after the net income on an income statement
merchandising business
non-operating income
board of directors
intangible capital assets
8. In a corporations books - the equity section is referred to as _________ ________
Shareholders equity
depreciation = net book value * %
petty cash account
basic - pro - premium
9. Formula to calculate the net book value
land
Sales
purchase journal
net book value = original cost of asset - accumulated depreciation`
10. Two types of share capital accounts
service company
common share accounts - preferred share accounts
Accounts Payable Ledger
merchandising business
11. 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
service company
non-operating income
accounts receivable ledger
trial balance
12. What are the three versions of simply accounting
declining balance method
goodwill
finished goods inventory
basic - pro - premium
13. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
capital account
land
integrated
Accounts payable
14. Calculated by subtracting sales from the cogs
gross margin
declining balance method
service business
Accounts Payable Ledger
15. Account used to record the net income that is retained in the business at the end of the year
modules
corporation
drawings - capital - Income Summary - capital
retained earnings account
16. Signed by all partners in a partneship to establish rules about how the business is going to be run
partnership agreement
integrated
purchase journal
net book value = original cost of asset - accumulated depreciation`
17. Listed on the balance sheet are assets that can be turned into cash within one year
Accounts payable
sole proprietorship
current assets
Share capital accounts - retained earnings
18. The process of recording the transactions and financial activities of a business
bookkeeping
integrated
depreciation = net book value * %
trademarks
19. You only have to enter business data once
integrated
land
capital assets
Shareholders equity
20. A business that offers services to the public
purchase journal
petty cash account
service company
accounts payable and accrued expenses
21. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax
income tax expenses - income tax payable
intangible capital assets
depreciation = net book value * %
accounts receivable
22. 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
accounts payable and accrued expenses
depreciation expense account
income statement
Accounts Payable Ledger
23. Represents the expected value of the asset at the end of its useful life to the business
long term liabilities
petty cash record
residual value
manufacturing organizations
24. 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
current liabilities
modules
capital account
cash receipts journal
25. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset
Cost of Goods Sold
corporation
depreciation
work in process inventory
26. Account is reduced by the value of dividends paid to the shareholder
Shareholders equity
capital assets
retained earnings account
corporation
27. All the checks that have not appeared on the bank statement
accounts receivable
drawings - capital - Income Summary - capital
outstanding checks
outstanding deposits
28. Calculated from adding the non operating expenses to the net income
capital assets
income before taxes
(cost of capital asset - residual value) / (expected useful life of capital asset)
common share accounts - preferred share accounts
29. Oversees the management of the company/corporation
board of directors
petty cash account
Share capital accounts - retained earnings
depreciation expense account
30. Net income is also known as this on an income statement
partnership agreement
earnings before interest and taxes
Income Summary - revenue - expense - capital
statement of retained earnings
31. A specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes
depreciation = net book value * %
petty cash account
cash disbursements journal
petty cash record
32. When a merchandising business prepares its income statement it includes a section called.....
accounts receivable
(cost of capital asset - residual value) / (expected useful life of capital asset)
Cost of Goods Sold
Accounts Receivable Ledger
33. 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
capital assets
current liabilities
net book value = original cost of asset - accumulated depreciation`
land
34. Also know as the net book value
modules
net value
accounts payable ledger
cash disbursements journal
35. A business owned by one or more individuals who are known as shareholders
invoices
partnership agreement
Shareholders equity
corporation
36. What is used to reference a company's Canadian GST and HST
work in process inventory
business number
express or custom
declining balance method
37. What account is on the purchases and cash disbursements journals
Accounts payable
service business
capital and drawings account
capital assets
38. When you proceed to reconcile your bank account you will use these two things
capital assets
cash receipts and cash disbursements journals
accounts receivable ledger
business number
39. 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
retained earnings account
proprietor
drawings - capital - Income Summary - capital
common share accounts - preferred share accounts
40. A business that is owned by a single individual
sole proprietorship
merchandising business
capital assets
common share accounts - preferred share accounts
41. A record of a purchase made by a company - showing the terms and conditions for payment
purchase invoice
proprietor
net value
accounts payable ledger
42. This business purchases products from its vendors for resale to its customers
capital assets
service company
retained earnings account
merchandising business
43. Prepared by sole proprietors and partnerships
corporation
depreciation
statement of owners equity
depreciation = net book value * %
44. 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
retained earnings account
service business
licenses
Accounts Receivable Ledger
45. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing
accounts receivable
capital assets
net book value
Accounts Receivable Ledger
46. A separate one is maintained for each class of capital assets
Share capital accounts - retained earnings
intangible capital assets
accumulated depreciation account
declining balance method
47. A number of owners join together and create one business in which they each own an agreed upon percentage
capital assets
accounts receivable ledger trial balance
income tax expenses - income tax payable
partnership
48. Shareholders equity contains two different types of accounts.... What are they
service business
modules
invoices
Share capital accounts - retained earnings
49. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
sole proprietorship
income before taxes
capital assets
merchandising business
50. What is the formula for calculating straight-line depreciation
income tax expenses - income tax payable
(cost of capital asset - residual value) / (expected useful life of capital asset)
capital account
service business
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