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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. 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






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






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






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






5. Formula to calculate the depreciation for the year






6. Must have a useful life of more than one year






7. 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






8. A business that offers services to the public






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






10. One is maintained for all classes of capital assets






11. Lists all customers and their outstanding balances for non cash or on account sales made






12. This business purchases products from its vendors for resale to its customers






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






14. Calculated by subtracting sales from the cogs






15. 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






16. A grant by the government to an inventor of the right to exclude others from making - using or selling his or her invention






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






18. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax






19. Assets that have no physical form - but have value and are an integral part of the cost of doing business






20. In a corporations books - the equity section is referred to as _________ ________






21. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset






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






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






24. Documents issued by companies as evidence of transactions made






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






26. Represents the assets on hand - the liabilities owed and the owners equity






27. Also know as the net book value






28. A separate one is maintained for each class of capital assets






29. A legal document giving official permission to do something






30. Lists all vendors to whom your company has purchases






31. What account is on the purchases and cash disbursements journals






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






33. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years






34. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc






35. Information from the sales invoice is recorded In what journal






36. Calculated from adding the non operating expenses to the net income






37. Formula to calculate the net book value






38. 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.






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






40. How often are the accounts payable entries entered into the accounts payable ledger






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






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






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






44. Owner of a business owned by a single individual






45. Net income is also known as this on an income statement






46. 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






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






48. You only have to enter business data once






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






50. Who makes the decision on the amount to keep in the petty cash account