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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. 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
general ledger trial balance
drawings - capital - Income Summary - capital
net value
Income Summary - revenue - expense - capital
2. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin
capital assets
net income
basic - pro - premium
accounts receivable ledger
3. In a corporations books - the equity section is referred to as _________ ________
partnership
land
accounts receivable ledger
Shareholders equity
4. Prepared by sole proprietors and partnerships
statement of owners equity
depreciation = net book value * %
modules
purchase invoice
5. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax
service business
income tax expenses - income tax payable
Income Summary - revenue - expense - capital
trial balance
6. Lists all customers and their outstanding balances for non cash or on account sales made
accounts receivable ledger
goodwill
common share accounts - preferred share accounts
purchase invoice
7. A business that is owned by a single individual
declining balance method
balance sheet
current assets
sole proprietorship
8. Documents issued by companies as evidence of transactions made
declining balance method
invoices
petty cash account
cash receipts and cash disbursements journals
9. The two start up methods on simply accountin through the set up wizard
straight line depreciation
express or custom
drawings account
service business
10. A legal document giving official permission to do something
accounts receivable
(cost of capital asset - residual value) / (expected useful life of capital asset)
licenses
statement of owners equity
11. 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
land
capital assets
net book value = original cost of asset - accumulated depreciation`
non-operating income
12. You only have to enter business data once
integrated
capital assets
declining balance method
purchase journal
13. Prepared by corporations - similar to a statement of owners equity
Income Summary - revenue - expense - capital
statement of retained earnings
(cost of capital asset - residual value) / (expected useful life of capital asset)
accounts payable and accrued expenses
14. Calculated by subtracting sales from the cogs
purchase invoice
land
gross margin
accounts receivable ledger trial balance
15. 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
capital assets
trial balance
purchase journal
accounts receivable
16. Account used to record the net income that is retained in the business at the end of the year
purchase invoice
land
retained earnings account
accumulated depreciation account
17. Formula to calculate the depreciation for the year
Accounts Receivable Ledger
Sales
depreciation = net book value * %
cash disbursements journal
18. This business does not have a purchase account and no inventory is recorded on the balance sheet
service business
drawings - capital - Income Summary - capital
depreciation = net book value * %
service company
19. 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
service business
Cost of Goods Sold
Accounts Receivable Ledger
trademarks
20. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory
accounts payable and accrued expenses
Cost of Goods Sold
long term liabilities
common share accounts - preferred share accounts
21. All the checks that have not appeared on the bank statement
outstanding deposits
capital assets
outstanding checks
petty cash account
22. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing
declining balance method
capital and drawings account
Accounts Receivable Ledger
net value
23. 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
cash disbursements journal
partnership agreement
balance sheet
Income Summary - revenue - expense - capital
24. A business that offers services to the public
partnership
Accounts Receivable Ledger
income after taxes
service company
25. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
statement of owners equity
capital account
service business
capital and drawings account
26. Has an indefinate life span and is not considered to reduce in value over time
service business
depreciation = net book value * %
invoices
land
27. Lists all vendors to whom your company has purchases
work in process inventory
capital assets
Accounts Payable Ledger
Accounts Receivable Ledger
28. One is maintained for all classes of capital assets
capital account
depreciation expense account
purchase invoice
sole proprietorship
29. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years
outstanding deposits
declining balance method
cash disbursements journal
board of directors
30. Shows how much income has been earned b the business during the time period
income statement
manufacturing organizations
intangible capital assets
basic - pro - premium
31. A number of owners join together and create one business in which they each own an agreed upon percentage
accounts receivable ledger
land
capital assets
partnership
32. Used to write off the cost of an intangible capital asset
cash receipts journal
accounts receivable ledger
amortization
land
33. Account maintained for small purchases
general ledger trial balance
petty cash account
income before taxes
capital assets
34. Two types of share capital accounts
capital assets
outstanding checks
current liabilities
common share accounts - preferred share accounts
35. How often are the accounts payable entries entered into the accounts payable ledger
Accounts Receivable Ledger
bookkeeping
service business
daily
36. Includes all debt that is due in more than one year
cash receipts and cash disbursements journals
capital assets
long term liabilities
merchandising business
37. Amounts owed by the company that are due within one year of the balance sheet date
accounts payable ledger
finished goods inventory
current liabilities
net income
38. A separate one is maintained for each class of capital assets
outstanding deposits
long term liabilities
trial balance
accumulated depreciation account
39. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared
general ledger trial balance
corporation
invoices
straight line depreciation
40. The ledgers are linked to the general ledger by this process
Cost of Goods Sold
work in process inventory
integration
capital assets
41. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
net income
net book value
accumulated depreciation account
cash disbursements journal
42. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset
earnings before interest and taxes
goodwill
depreciation
sales journal
43. What account is on the cash receipts and sales journals
capital assets
trademarks
accounts receivable
patents
44. Are not intended for resale
service business
land
capital assets
cash disbursements journal
45. Information from the sales invoice is recorded In what journal
sales journal
patents
Cost of Goods Sold
Shareholders equity
46. Calculated from adding the non operating expenses to the net income
Accounts Payable Ledger
income before taxes
income statement
accounts receivable ledger trial balance
47. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale
proprietor
retained earnings account
goodwill
capital assets
48. Deposits that have not yet been deposited in the bank account
reconciling the petty cash account
outstanding deposits
income before taxes
partnership agreement
49. Information from the purchase invoice is recorded In what journal
purchase journal
accumulated depreciation account
Income Summary - revenue - expense - capital
integration
50. Represents the assets on hand - the liabilities owed and the owners equity
manufacturing organizations
outstanding checks
balance sheet
accounts receivable
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