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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. Companies that transform raw materials into finished goods for sale
proprietor
manufacturing organizations
intangible capital assets
cash disbursements journal
2. Account used to record the net income that is retained in the business at the end of the year
retained earnings account
income tax expenses - income tax payable
capital and drawings account
accounts receivable
3. Also know as the net book value
net value
depreciation
land
current assets
4. Information from the purchase invoice is recorded In what journal
income before taxes
current assets
purchase journal
accounts receivable ledger
5. What is the formula for calculating straight-line depreciation
petty cash account
income statement
net book value = original cost of asset - accumulated depreciation`
(cost of capital asset - residual value) / (expected useful life of capital asset)
6. 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
sales journal
common share accounts - preferred share accounts
land
service business
7. 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
accounts receivable ledger
retained earnings account
work in process inventory
goodwill
8. What account is on the purchases and cash disbursements journals
Accounts payable
residual value
trial balance
Cost of Goods Sold
9. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset
capital assets
depreciation
manufacturing organizations
statement of owners equity
10. What are the three versions of simply accounting
merchandising business
income after taxes
basic - pro - premium
manufacturing organizations
11. A partnership has a separate __________ and ____________ account for each partner
petty cash record
capital and drawings account
accounts receivable
daily
12. Calculated from adding the non operating expenses to the net income
capital assets
income before taxes
capital assets
net book value
13. Two types of share capital accounts
land
common share accounts - preferred share accounts
Accounts Receivable Ledger
drawings account
14. The ledgers are linked to the general ledger by this process
integration
accumulated depreciation account
patents
accounts receivable
15. Calculated by subtracting sales from the cogs
gross margin
integrated
Accounts Receivable Ledger
statement of retained earnings
16. Who makes the decision on the amount to keep in the petty cash account
net value
management
invoices
accounts payable and accrued expenses
17. A business owned by one or more individuals who are known as shareholders
corporation
capital account
outstanding checks
goodwill
18. Prepared by sole proprietors and partnerships
Accounts Payable Ledger
express or custom
statement of owners equity
accounts receivable ledger
19. One is maintained for all classes of capital assets
depreciation expense account
land
Accounts Payable Ledger
business number
20. Deposits that have not yet been deposited in the bank account
finished goods inventory
outstanding deposits
petty cash account
accounts payable ledger
21. 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
capital assets
Accounts Payable Ledger
trial balance
service business
22. 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
income before taxes
balance sheet
cash receipts journal
23. Formula to calculate the net book value
net book value = original cost of asset - accumulated depreciation`
integration
earnings before interest and taxes
capital assets
24. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
accounts receivable ledger
accounts receivable ledger trial balance
petty cash record
reconciling the petty cash account
25. A business that is owned by a single individual
current assets
management
intangible capital assets
sole proprietorship
26. Assets that have no physical form - but have value and are an integral part of the cost of doing business
intangible capital assets
drawings - capital - Income Summary - capital
drawings account
capital assets
27. Lists all vendors to whom your company has purchases
common share accounts - preferred share accounts
bank reconciliation statement
Accounts Payable Ledger
partnership agreement
28. When you proceed to reconcile your bank account you will use these two things
outstanding deposits
cash receipts and cash disbursements journals
Accounts Payable Ledger
purchase journal
29. Amounts owed by the company that are due within one year of the balance sheet date
gross margin
net book value = original cost of asset - accumulated depreciation`
current liabilities
patents
30. Must have a useful life of more than one year
accounts receivable ledger
integrated
capital and drawings account
capital assets
31. Information from the sales invoice is recorded In what journal
bank reconciliation statement
capital assets
sales journal
amortization
32. Account maintained for small purchases
petty cash account
retained earnings account
depreciation expense account
licenses
33. All the checks that have not appeared on the bank statement
depreciation
invoices
outstanding checks
daily
34. Prepared by corporations - similar to a statement of owners equity
statement of retained earnings
Accounts Receivable Ledger
accounts receivable ledger
proprietor
35. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc
work in process inventory
invoices
raw material inventory
capital assets
36. Net income is also known as this on an income statement
common share accounts - preferred share accounts
earnings before interest and taxes
land
sole proprietorship
37. Signed by all partners in a partneship to establish rules about how the business is going to be run
modules
Share capital accounts - retained earnings
partnership agreement
statement of retained earnings
38. Has an indefinate life span and is not considered to reduce in value over time
cash receipts and cash disbursements journals
purchase invoice
land
net book value = original cost of asset - accumulated depreciation`
39. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin
accounts receivable ledger
capital assets
net income
partnership agreement
40. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared
earnings before interest and taxes
business number
general ledger trial balance
Income Summary - revenue - expense - capital
41. Lists all customers and their outstanding balances for non cash or on account sales made
petty cash record
accounts receivable ledger
depreciation
merchandising business
42. 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
Accounts Payable Ledger
bank reconciliation statement
capital account
depreciation = net book value * %
43. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______
income tax expenses - income tax payable
capital assets
income statement
Accounts Receivable Ledger
44. What is used to reference a company's Canadian GST and HST
business number
express or custom
Sales
cash receipts and cash disbursements journals
45. 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
integrated
petty cash record
land
service business
46. Owner of a business owned by a single individual
Accounts payable
trial balance
proprietor
income after 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
basic - pro - premium
purchase invoice
straight line depreciation
income before taxes
48. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
invoices
net book value
capital assets
work in process inventory
49. As a rule these should always be recorded on the balance sheet at cost
capital assets
patents
accounts receivable
Accounts Receivable Ledger
50. This business purchases products from its vendors for resale to its customers
Cost of Goods Sold
work in process inventory
merchandising business
modules
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