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Bookkeeping Advanced Vocab
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Bookkeeping Advanced Vocab
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25 Questions

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

2. All the checks that have not appeared on the bank statement

3. Used to write off the cost of a tangible capital asset over the anticipated useful life of that asset

4. 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

5. 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

6. As a rule these should always be recorded on the balance sheet at cost

7. 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

8. Account is reduced by the value of dividends paid to the shareholder

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

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

11. Documents issued by companies as evidence of transactions made

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

13. Owned by the company - purchased with the intent of using them to earn income and are not intended for resale

14. 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

15. 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

16. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers

17. Owner of a business owned by a single individual

18. Prepared by sole proprietors and partnerships

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

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

21. 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

22. First part of the income statement

23. You only have to enter business data once

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

25. 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.

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