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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. One is maintained for all classes of capital assets
trademarks
depreciation expense account
outstanding deposits
accounts payable and accrued expenses
2. Account is reduced by the value of dividends paid to the shareholder
declining balance method
capital and drawings account
management
retained earnings account
3. Formula to calculate the depreciation for the year
Share capital accounts - retained earnings
statement of retained earnings
cash receipts journal
depreciation = net book value * %
4. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention
trial balance
patents
manufacturing organizations
long term liabilities
5. Taxes are deducted from the income before taxes total on an income statement to come up with this total...
corporation
finished goods inventory
sales journal
income after taxes
6. Owner of a business owned by a single individual
patents
work in process inventory
daily
proprietor
7. Are not intended for resale
integrated
capital assets
goodwill
Accounts Receivable Ledger
8. A business owned by one or more individuals who are known as shareholders
reconciling the petty cash account
corporation
net value
amortization
9. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
net book value
Accounts Payable Ledger
current assets
cash receipts and cash disbursements journals
10. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers
capital assets
express or custom
manufacturing organizations
accounts receivable ledger
11. Has an indefinate life span and is not considered to reduce in value over time
modules
long term liabilities
Accounts Payable Ledger
land
12. What account is on the purchases and cash disbursements journals
net book value = original cost of asset - accumulated depreciation`
Accounts payable
express or custom
Accounts Payable Ledger
13. Lists all vendors to whom your company has purchases
earnings before interest and taxes
straight line depreciation
Accounts Payable Ledger
amortization
14. This business purchases products from its vendors for resale to its customers
net value
Accounts Receivable Ledger
Sales
merchandising business
15. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
outstanding checks
petty cash account
business number
capital assets
16. Includes the costs of all goods that are complete and ready for sale
integrated
daily
finished goods inventory
patents
17. A business that is owned by a single individual
manufacturing organizations
income after taxes
cash disbursements journal
sole proprietorship
18. Represents the expected value of the asset at the end of its useful life to the business
raw material inventory
(cost of capital asset - residual value) / (expected useful life of capital asset)
residual value
invoices
19. What are the three versions of simply accounting
basic - pro - premium
Share capital accounts - retained earnings
Shareholders equity
income after taxes
20. A business that offers services to the public
accounts receivable
accounts receivable ledger
service company
income before taxes
21. Account used to record the net income that is retained in the business at the end of the year
purchase journal
non-operating income
residual value
retained earnings account
22. You only have to enter business data once
depreciation expense account
long term liabilities
drawings account
integrated
23. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset
amortization
depreciation
accumulated depreciation account
Accounts Payable Ledger
24. Represents the assets on hand - the liabilities owed and the owners equity
(cost of capital asset - residual value) / (expected useful life of capital asset)
work in process inventory
balance sheet
net value
25. This is reported after the net income on an income statement
capital and drawings account
non-operating income
net value
goodwill
26. Consist of physical assets and non-physical or intangible properties
capital assets
purchase invoice
income before taxes
accumulated depreciation account
27. When you proceed to reconcile your bank account you will use these two things
cash receipts and cash disbursements journals
integrated
petty cash record
merchandising business
28. The process of comparing the cash plus receipts to the original balance int he account
merchandising business
net book value
Sales
reconciling the petty cash account
29. The two start up methods on simply accountin through the set up wizard
service business
express or custom
capital assets
depreciation
30. Must have a useful life of more than one year
capital assets
current assets
Accounts Receivable Ledger
land
31. 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
earnings before interest and taxes
accounts receivable ledger trial balance
general ledger trial balance
service company
32. Formula to calculate the net book value
accounts payable ledger
work in process inventory
capital assets
net book value = original cost of asset - accumulated depreciation`
33. Deposits that have not yet been deposited in the bank account
outstanding deposits
Cost of Goods Sold
petty cash record
manufacturing organizations
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
work in process inventory
depreciation expense account
drawings - capital - Income Summary - capital
goodwill
35. Entries involving the accounts payable account that are made to the purchases and cash disbursements journals are then posted to the ___________ __________ __________
express or custom
basic - pro - premium
Accounts Payable Ledger
raw material inventory
36. The process of recording the transactions and financial activities of a business
bookkeeping
basic - pro - premium
merchandising business
earnings before interest and taxes
37. In a corporations books - the equity section is referred to as _________ ________
capital account
net value
capital assets
Shareholders equity
38. Lists all customers and their outstanding balances for non cash or on account sales made
income before taxes
Sales
retained earnings account
accounts receivable ledger
39. Prepared by sole proprietors and partnerships
drawings - capital - Income Summary - capital
(cost of capital asset - residual value) / (expected useful life of capital asset)
Accounts payable
statement of owners equity
40. Calculated from adding the non operating expenses to the net income
Accounts payable
petty cash record
income before taxes
raw material inventory
41. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing
land
Accounts Receivable Ledger
accumulated depreciation account
Share capital accounts - retained earnings
42. Oversees the management of the company/corporation
service business
board of directors
accounts receivable ledger
proprietor
43. 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
land
retained earnings account
cash receipts journal
trial balance
44. 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
Shareholders equity
Cost of Goods Sold
finished goods inventory
trial balance
45. Signed by all partners in a partneship to establish rules about how the business is going to be run
trial balance
partnership agreement
income statement
statement of owners equity
46. This business does not have a purchase account and no inventory is recorded on the balance sheet
service business
partnership
statement of owners equity
accounts payable ledger
47. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc
statement of owners equity
raw material inventory
Accounts Payable Ledger
accounts receivable ledger trial balance
48. Must be held for use in the production of goods and/or services
capital assets
Accounts Payable Ledger
general ledger trial balance
depreciation = net book value * %
49. 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
capital assets
amortization
proprietor
accounts payable ledger
50. Also know as the net book value
Accounts Payable Ledger
net value
partnership agreement
merchandising business
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