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Test your basic knowledge |
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. 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
residual value
trial balance
income before taxes
accounts receivable ledger trial balance
2. Includes the costs of all goods that are complete and ready for sale
Accounts payable
management
finished goods inventory
Sales
3. Prepared by sole proprietors and partnerships
general ledger trial balance
trademarks
business number
statement of owners equity
4. A business owned by one or more individuals who are known as shareholders
sales journal
corporation
modules
long term liabilities
5. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory
Cost of Goods Sold
(cost of capital asset - residual value) / (expected useful life of capital asset)
statement of owners equity
outstanding checks
6. This business purchases products from its vendors for resale to its customers
merchandising business
Shareholders equity
general ledger trial balance
bank reconciliation statement
7. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax
net book value = original cost of asset - accumulated depreciation`
income tax expenses - income tax payable
capital assets
declining balance method
8. A business that is owned by a single individual
accumulated depreciation account
service business
manufacturing organizations
sole proprietorship
9. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared
earnings before interest and taxes
reconciling the petty cash account
partnership
general ledger trial balance
10. First part of the income statement
Sales
gross margin
cash disbursements journal
income statement
11. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
Accounts Payable Ledger
Share capital accounts - retained earnings
capital assets
patents
12. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
depreciation = net book value * %
net book value
capital assets
accounts payable ledger
13. A business that offers services to the public
patents
service company
land
Accounts Receivable Ledger
14. 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
land
statement of owners equity
cash receipts journal
net book value
15. Must have a useful life of more than one year
purchase journal
capital assets
proprietor
bookkeeping
16. 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
purchase journal
Cost of Goods Sold
trademarks
sole proprietorship
17. Shows how much income has been earned b the business during the time period
land
depreciation expense account
income statement
reconciling the petty cash account
18. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers
cash receipts and cash disbursements journals
accounts receivable ledger
declining balance method
Share capital accounts - retained earnings
19. 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
finished goods inventory
basic - pro - premium
land
Accounts Payable Ledger
20. Information from the purchase invoice is recorded In what journal
purchase journal
income before taxes
management
partnership agreement
21. One is maintained for all classes of capital assets
capital assets
partnership
intangible capital assets
depreciation expense account
22. Lists all customers and their outstanding balances for non cash or on account sales made
business number
accounts receivable ledger
cash receipts and cash disbursements journals
service business
23. Must be held for use in the production of goods and/or services
service company
sales journal
modules
capital assets
24. Includes all debt that is due in more than one year
long term liabilities
daily
manufacturing organizations
declining balance method
25. 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
modules
income tax expenses - income tax payable
land
current liabilities
26. Formula to calculate the depreciation for the year
long term liabilities
Income Summary - revenue - expense - capital
income tax expenses - income tax payable
depreciation = net book value * %
27. Two types of share capital accounts
Income Summary - revenue - expense - capital
common share accounts - preferred share accounts
depreciation = net book value * %
earnings before interest and taxes
28. What account is on the cash receipts and sales journals
intangible capital assets
accounts receivable ledger
accounts receivable
Share capital accounts - retained earnings
29. Account maintained for small purchases
petty cash account
licenses
bank reconciliation statement
general ledger trial balance
30. Shareholders equity contains two different types of accounts.... What are they
Share capital accounts - retained earnings
partnership agreement
net value
balance sheet
31. A record of a purchase made by a company - showing the terms and conditions for payment
outstanding checks
purchase invoice
depreciation expense account
trademarks
32. Oversees the management of the company/corporation
accounts receivable ledger trial balance
land
bookkeeping
board of directors
33. As a rule these should always be recorded on the balance sheet at cost
depreciation
capital assets
depreciation = net book value * %
partnership
34. The process of recording the transactions and financial activities of a business
accounts receivable ledger
bookkeeping
reconciling the petty cash account
modules
35. 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
capital assets
corporation
36. All the checks that have not appeared on the bank statement
outstanding checks
invoices
service company
finished goods inventory
37. Net income is also known as this on an income statement
capital assets
statement of retained earnings
earnings before interest and taxes
trademarks
38. Who makes the decision on the amount to keep in the petty cash account
cash receipts and cash disbursements journals
capital assets
Share capital accounts - retained earnings
management
39. 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 Ledger
drawings account
purchase journal
land
40. Represents the assets on hand - the liabilities owed and the owners equity
balance sheet
Accounts Receivable Ledger
declining balance method
corporation
41. When you proceed to reconcile your bank account you will use these two things
modules
finished goods inventory
cash receipts and cash disbursements journals
drawings account
42. In a corporations books - the equity section is referred to as _________ ________
goodwill
Shareholders equity
accounts payable ledger
straight line depreciation
43. You only have to enter business data once
Share capital accounts - retained earnings
accounts payable and accrued expenses
integrated
retained earnings account
44. The two start up methods on simply accountin through the set up wizard
express or custom
cash receipts and cash disbursements journals
common share accounts - preferred share accounts
income tax expenses - income tax payable
45. 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
bank reconciliation statement
trademarks
Accounts Receivable Ledger
income before taxes
46. 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
capital assets
management
service business
accounts payable and accrued expenses
47. This business does not have a purchase account and no inventory is recorded on the balance sheet
proprietor
service business
cash receipts journal
capital assets
48. Calculated from adding the non operating expenses to the net income
goodwill
Share capital accounts - retained earnings
drawings - capital - Income Summary - capital
income before taxes
49. Lists all vendors to whom your company has purchases
partnership agreement
basic - pro - premium
Accounts Payable Ledger
capital assets
50. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement
partnership agreement
net book value = original cost of asset - accumulated depreciation`
balance sheet
drawings account
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