SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
Bookkeeping Advanced Vocab
Start Test
Study First
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 method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset
straight line depreciation
(cost of capital asset - residual value) / (expected useful life of capital asset)
net value
bookkeeping
2. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax
income tax expenses - income tax payable
drawings account
bank reconciliation statement
sole proprietorship
3. A specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes
capital assets
cash disbursements journal
accounts receivable ledger trial balance
Share capital accounts - retained earnings
4. Shows how much income has been earned b the business during the time period
merchandising business
statement of owners equity
income statement
accounts receivable ledger trial balance
5. First part of the income statement
Income Summary - revenue - expense - capital
capital and drawings account
Sales
integrated
6. This is reported after the net income on an income statement
cash receipts and cash disbursements journals
licenses
non-operating income
depreciation
7. A partnership has a separate __________ and ____________ account for each partner
partnership
purchase journal
capital and drawings account
board of directors
8. A legal document giving official permission to do something
work in process inventory
licenses
depreciation
bookkeeping
9. Account used to record the net income that is retained in the business at the end of the year
outstanding checks
Shareholders equity
retained earnings account
Cost of Goods Sold
10. Taxes are deducted from the income before taxes total on an income statement to come up with this total...
management
integrated
depreciation expense account
income after taxes
11. All daily transactions are entered through these
modules
depreciation expense account
accounts receivable ledger
straight line depreciation
12. A list of all the disbursements made from your petty cash in the box with the receipts and the cash
capital assets
petty cash record
general ledger trial balance
(cost of capital asset - residual value) / (expected useful life of capital asset)
13. The process of comparing the cash plus receipts to the original balance int he account
reconciling the petty cash account
capital assets
Accounts Payable Ledger
service company
14. Represents the assets on hand - the liabilities owed and the owners equity
Accounts Payable Ledger
balance sheet
bank reconciliation statement
cash disbursements journal
15. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin
Accounts Payable Ledger
manufacturing organizations
capital assets
net income
16. Who makes the decision on the amount to keep in the petty cash account
management
net book value = original cost of asset - accumulated depreciation`
capital assets
integration
17. 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
long term liabilities
Cost of Goods Sold
intangible capital assets
trademarks
18. Prepared by corporations - similar to a statement of owners equity
statement of owners equity
(cost of capital asset - residual value) / (expected useful life of capital asset)
drawings account
statement of retained earnings
19. Lists all customers and their outstanding balances for non cash or on account sales made
general ledger trial balance
income after taxes
capital and drawings account
accounts receivable ledger
20. Formula to calculate the net book value
goodwill
finished goods inventory
outstanding checks
net book value = original cost of asset - accumulated depreciation`
21. Listed on the balance sheet are assets that can be turned into cash within one year
finished goods inventory
current assets
accumulated depreciation account
drawings account
22. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory
basic - pro - premium
service company
residual value
Cost of Goods Sold
23. Must be held for use in the production of goods and/or services
accumulated depreciation account
basic - pro - premium
purchase journal
capital assets
24. 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
net book value
capital assets
capital assets
25. Companies that transform raw materials into finished goods for sale
manufacturing organizations
net book value = original cost of asset - accumulated depreciation`
express or custom
net income
26. Owner of a business owned by a single individual
net book value
proprietor
current liabilities
invoices
27. A business that is owned by a single individual
sole proprietorship
raw material inventory
net book value = original cost of asset - accumulated depreciation`
capital assets
28. 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
modules
income after taxes
reconciling the petty cash account
goodwill
29. This business purchases products from its vendors for resale to its customers
merchandising business
capital assets
statement of retained earnings
outstanding deposits
30. As a rule these should always be recorded on the balance sheet at cost
service company
basic - pro - premium
manufacturing organizations
capital assets
31. What is used to reference a company's Canadian GST and HST
Accounts Receivable Ledger
business number
outstanding deposits
service business
32. What is the formula for calculating straight-line depreciation
(cost of capital asset - residual value) / (expected useful life of capital asset)
drawings account
petty cash account
Sales
33. 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
trial balance
management
capital assets
business number
34. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared
statement of retained earnings
Accounts payable
work in process inventory
general ledger trial balance
35. A record of a purchase made by a company - showing the terms and conditions for payment
daily
purchase invoice
corporation
gross margin
36. In a corporations books - the equity section is referred to as _________ ________
accounts receivable ledger trial balance
sole proprietorship
net book value = original cost of asset - accumulated depreciation`
Shareholders equity
37. Two types of share capital accounts
amortization
common share accounts - preferred share accounts
accumulated depreciation account
manufacturing organizations
38. Represents the expected value of the asset at the end of its useful life to the business
land
statement of retained earnings
finished goods inventory
residual value
39. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset
reconciling the petty cash account
accounts receivable ledger
depreciation
management
40. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement
capital account
bank reconciliation statement
purchase invoice
capital assets
41. Includes all debt that is due in more than one year
partnership
long term liabilities
service business
patents
42. Signed by all partners in a partneship to establish rules about how the business is going to be run
board of directors
straight line depreciation
partnership agreement
net book value
43. 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
net income
land
Shareholders equity
outstanding deposits
44. A number of owners join together and create one business in which they each own an agreed upon percentage
capital assets
partnership
merchandising business
corporation
45. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset
trial balance
net book value
Cost of Goods Sold
income tax expenses - income tax payable
46. Has an indefinate life span and is not considered to reduce in value over time
raw material inventory
gross margin
accumulated depreciation account
land
47. Account is reduced by the value of dividends paid to the shareholder
partnership
outstanding deposits
retained earnings account
goodwill
48. The process of recording the transactions and financial activities of a business
bookkeeping
statement of retained earnings
Shareholders equity
drawings - capital - Income Summary - capital
49. Consist of physical assets and non-physical or intangible properties
Accounts payable
proprietor
patents
capital assets
50. Net income is also known as this on an income statement
earnings before interest and taxes
net book value
express or custom
service business
Sorry!:) No result found.
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests