Matching- Accounting Compend Flashcards
Used for recording sale of merchandise on credit:
a) Sales Journal
b) General Journal
c) Purchases Journal
d) Cash Payments Journal
e) Cash Receipts Journal
Sales Journal
Used for all types of business transactions:
a) Sales Journal
b) General Journal
c) Purchases Journal
d) Cash Payments Journal
e) Cash Receipts Journal
General Journal
Used to record the buying of merchandise on credit:
a) Sales Journal
b) General Journal
c) Purchases Journal
d) Cash Payments Journal
e) Cash Receipts Journal
Purchases Journal
Used to record the receipt of cash:
a) Sales Journal
b) General Journal
c) Purchases Journal
d) Cash Payments Journal
e) Cash Receipts Journal
Cash Receipts Journal
Used to record the paying of cash:
a) Sales Journal
b) General Journal
c) Purchases Journal
d) Cash Payments Journal
e) Cash Receipts Journal
Cash Payments Journals
Accounts Payable is a:
a) Current Asset
b) Current Liability
c) Fixed Asset
d) Fixed Liability
e) Proprietorship
Current Liability
Accounts Receivable is a:
a) Current Asset
b) Current Liability
c) Fixed Asset
d) Fixed Liability
e) Proprietorship
Current Asset
Capital is a:
a) Current Asset
b) Current Liability
c) Fixed Asset
d) Fixed Liability
e) Proprietorship
Proprietorship
Mortgage Payable is a:
a) Current Asset
b) Current Liability
c) Fixed Asset
d) Fixed Liability
e) Proprietorship
Fixed Liability
Funeral Coach is a:
a) Current Asset
b) Current Liability
c) Fixed Asset
d) Fixed Liability
e) Proprietorship
Fixed Asset
Difference between assets and liabilities:
a) Balance Sheet
b) Trial Balance
c) Owners Equity
d) Assets
e) Liabilities
Owners Equity
Statement of financial condition:
a) Balance Sheet
b) Trial Balance
c) Owners Equity
d) Assets
e) Liabilities
Balance Sheet
Things of value owned by a business:
a) Balance Sheet
b) Trial Balance
c) Owners Equity
d) Assets
e) Liabilities
Assets
Debts that a business owes:
a) Balance Sheet
b) Trial Balance
c) Owners Equity
d) Assets
e) Liabilities
Liabilities
Check the equality of debits and credits:
a) Balance Sheet
b) Trial Balance
c) Owners Equity
d) Assets
e) Liabilities
Trial Balance
Recording information in a ledger:
a) Journal
b) Ledger
c) Posting
d) Income Statement
e) Balance Sheet
Posting
A book of accounts:
a) Journal
b) Ledger
c) Posting
d) Income Statement
e) Balance Sheet
Ledger
Book of original entry:
a) Journal
b) Ledger
c) Posting
d) Income Statement
e) Balance Sheet
Journal
Statement of assets, liabilities, and owners equity at a specific date:
a) Journal
b) Ledger
c) Posting
d) Income Statement
e) Balance Sheet
Balance Sheet
Statement of income, expenses, and net income or net loss for a period of time:
a) Journal
b) Ledger
c) Posting
d) Income Statement
e) Balance Sheet
Income Statement
Unwritten promises of a business to pay creditors:
a) Assets
b) Liabilities
c) Owners Equity
d) Accounts Payable
e) Accounts Receivable
Accounts Payable
Unwritten promises by customers to the business pay at a later date:
a) Assets
b) Liabilities
c) Owners Equity
d) Accounts Payable
e) Accounts Receivable
Accounts Receivable
Any debt that a business owes:
a) Assets
b) Liabilities
c) Owners Equity
d) Accounts Payable
e) Accounts Receivable
Liabilities
Properties of monetary value owned by a business:
a) Assets
b) Liabilities
c) Owners Equity
d) Accounts Payable
e) Accounts Receivable
Assets
An owner’s financial interest in a business:
a) Assets
b) Liabilities
c) Owners Equity
d) Accounts Payable
e) Accounts Receivable
Owners Equity
A book of original entry in which business transactions are recorded in chronological order:
a) Sales
b) Ledger
c) Journal
d) Purchases
e) Principal
Journal
The buying of merchandise:
a) Sales
b) Ledger
c) Journal
d) Purchases
e) Principal
Purchases
The face value of a note on which interest is computed:
a) Sales
b) Ledger
c) Journal
d) Purchases
e) Principal
Principal
Ordinarily refers only to merchandise sold:
a) Sales
b) Ledger
c) Journal
d) Purchases
e) Principal
Sales
A book of accounts:
a) Sales
b) Ledger
c) Journal
d) Purchases
e) Principal
Ledger
Current assets divided by current liabilities:
a) Debit
b) Credit
c) Current Ratio
d) Notes Payable
e) Notes Receivable
Current Ratio
A written promise of a customer to pay the business in sum of the money at a future date:
a) Debit
b) Credit
c) Current Ratio
d) Notes Payable
e) Notes Receivable
Notes Receivable
The right side of a standard account:
a) Debit
b) Credit
c) Current Ratio
d) Notes Payable
e) Notes Receivable
Credit
A written promise of a business to pay a creditor a certain amount in the future:
a) Debit
b) Credit
c) Current Ratio
d) Notes Payable
e) Notes Receivable
Notes Payable
The left side of a standard account:
a) Debit
b) Credit
c) Current Ratio
d) Notes Payable
e) Notes Receivable
Debit
Accounts receivable that are uncollectable:
a) Cost
b) Supplies
c) Bad Debts
d) Cash Receipts
e) Current Liabilities
Bad Debts
Amount paid by a business for merchandise:
a) Cost
b) Supplies
c) Bad Debts
d) Cash Receipts
e) Current Liabilities
Cost
Money and money substitutes received:
a) Cost
b) Supplies
c) Bad Debts
d) Cash Receipts
e) Current Liabilities
Cash Receipts
Debts that must be paid within a year:
a) Cost
b) Supplies
c) Bad Debts
d) Cash Receipts
e) Current Liabilities
Current Liabilities
A type of assets that will be consumed as it is used:
a) Cost
b) Supplies
c) Bad Debts
d) Cash Receipts
e) Current Liabilities
Supplies
The owners equity or the owner’s financial interest in a business:
a) Maker
b) Creditor
c) Corporation
d) Proprietorship
e) Merchandising Business
Proprietorship
A business or individual to whom a debt is owed:
a) Maker
b) Creditor
c) Corporation
d) Proprietorship
e) Merchandising Business
Creditor
A business firm that obtains income through the buying and selling of goods:
a) Maker
b) Creditor
c) Corporation
d) Proprietorship
e) Merchandising Business
Merchandising Business
A business, owned by stockholders, which is chartered under state law to conduct a business or other activity:
a) Maker
b) Creditor
c) Corporation
d) Proprietorship
e) Merchandising Business
Corporation
The individual who makes a promise to pay on a promissory note:
a) Maker
b) Creditor
c) Corporation
d) Proprietorship
e) Merchandising Business
Maker
A statement regarding the status of assets, liabilities, and owner’s equity as of a specified date:
a) Transaction
b) Trial Balance
c) Balance Sheet
d) Source Document
e) Income Statement
Balance Sheet
A formal statement which presents the revenue and expenses of a specified period of time:
a) Transaction
b) Trial Balance
c) Balance Sheet
d) Source Document
e) Income Statement
Income Statement
The first record of a business transaction:
a) Transaction
b) Trial Balance
c) Balance Sheet
d) Source Document
e) Income Statement
Source Document
Financial events that affect assets, liabilities, or owner’s equity:
a) Transaction
b) Trial Balance
c) Balance Sheet
d) Source Document
e) Income Statement
Transaction
An informal statement proving that total debit balances are equal to the total credit balances in the ledger:
a) Transaction
b) Trial Balance
c) Balance Sheet
d) Source Document
e) Income Statement
Trial Balances
In order of time:
a) Income
b) Drawer
c) Expenses
d) Consignor
e) Chronological
Chronological
The person or business concerned by whom a shipment is made:
a) Income
b) Drawer
c) Expenses
d) Consignor
e) Chronological
Consignor
A person who signs a check or draft ordering payment to be made:
a) Income
b) Drawer
c) Expenses
d) Consignor
e) Chronological
Drawer
The decrease in owners equity due to consumption of goods and services used in the operation of the business:
a) Income
b) Drawer
c) Expenses
d) Consignor
e) Chronological
Expenses
Increase in the owners equity resulting from business operations:
a) Income
b) Drawer
c) Expenses
d) Consignor
e) Chronological
Income
The recording of business data in a prescribed manner:
a) Cash
b) Capital
c) Book Keeping
d) Current Assets
e) Closing Entries
Book Keeping
Coins, currency, checks, and money order receipts from others, as well as money deposited in the bank:
a) Cash
b) Capital
c) Book Keeping
d) Current Assets
e) Closing Entries
Cash
The net value of an owner’s financial interest in a business:
a) Cash
b) Capital
c) Book Keeping
d) Current Assets
e) Closing Entries
Capital
Cash or other assets that will be converted into cash or consumed within one year:
a) Cash
b) Capital
c) Book Keeping
d) Current Assets
e) Closing Entries
Current assets
The transferral of the balances of the temporary accounts to the capital accounts:
a) Cash
b) Capital
c) Book Keeping
d) Current Assets
e) Closing Entries
Closing Entries
Recording in each fiscal period applicable expense, whether paid or not, and income earned, whether collected or not:
a) Check
b) Charter
c) Bank Statement
d) Accrual Accounting
e) Certified Public Accounting
Accrual Accounting
An itemized listing of additions to and subtractions from a depositor’s account:
a) Check
b) Charter
c) Bank Statement
d) Accrual Accounting
e) Certified Public Accounting
Bank Statement
An individual certified to practice public accounting in a state:
a) Check
b) Charter
c) Bank Statement
d) Accrual Accounting
e) Certified Public Accounting
Certified Public Accountant
A document issued by a state which permits a corporation to operate:
a) Check
b) Charter
c) Bank Statement
d) Accrual Accounting
e) Certified Public Accounting
Charter
A written order drawn by a depositor directing his bank to deduct money from his account and pay the person or company designated:
a) Check
b) Charter
c) Bank Statement
d) Accrual Accounting
e) Certified Public Accounting
Check
The money or other assets supplied by the owner for the operation of a business:
a) Investment
b) Mortgage Payable
c) Posting References
d) Negotiable Instrument
e) Net Working Capital
Investment
A written promise that pledges real property as security for the payment of a debt:
a) Investment
b) Mortgage Payable
c) Posting References
d) Negotiable Instrument
e) Net Working Capital
Mortgage Payable
A business paper that is a claim on cash and which may be transferred legally by endorsement:
a) Investment
b) Mortgage Payable
c) Posting References
d) Negotiable Instrument
e) Net Working Capital
Negotiable Instrument
Excess of current assets over current liabilities:
a) Investment
b) Mortgage Payable
c) Posting References
d) Negotiable Instrument
e) Net Working Capital
Net Working Capital
Journal page numbers and ledger account numbers which when present, confirms that an entry has been posted:
a) Investment
b) Mortgage Payable
c) Posting References
d) Negotiable Instrument
e) Net Working Capital
Posting References
Credit given to a customer for shortages or damaged goods delivered:
a) Accrued Income
b) Sales Discount
c) Statement of Account
d) Allowance of Depreciation
e) Sales Returns and Allowances
Sales Returns and Allowances
A deduction from the sales invoice as incentive for customers to pay their invoices early:
a) Accrued Income
b) Sales Discount
c) Statement of Account
d) Allowance of Depreciation
e) Sales Returns and Allowances
Sales Discount
An account used to accumulate decreases in value of fixed assets:
a) Accrued Income
b) Sales Discount
c) Statement of Account
d) Allowance of Depreciation
e) Sales Returns and Allowances
Allowance of Depreciation
A report sent to each customer which indicates the status of his account:
a) Accrued Income
b) Sales Discount
c) Statement of Account
d) Allowance of Depreciation
e) Sales Returns and Allowances
Statement of Account
Income earned during an accounting period but not yet received:
a) Accrued Income
b) Sales Discount
c) Statement of Account
d) Allowance of Depreciation
e) Sales Returns and Allowances
Accrued Income
An account used to record or determine the estimated value of an asset:
a) Drawing Account
b) Promissory Note
c) Valuation Account
d) Allowance for Doubtful Accounts
e) Purchase Returns and Allowances
Valuation Account
A separate owners equity account in which withdraws of assets against profits by the owner are recorded:
a) Drawing Account
b) Promissory Note
c) Valuation Account
d) Allowance for Doubtful Accounts
e) Purchase Returns and Allowances
Drawing Account
Credit received for shortages or for damaged goods received:
a) Drawing Account
b) Promissory Note
c) Valuation Account
d) Allowance for Doubtful Accounts
e) Purchase Returns and Allowances
Purchase Returns and Allowances
An account in which is recorded the decrease in value of accounts receivable due to possible uncollectable items:
a) Drawing Account
b) Promissory Note
c) Valuation Account
d) Allowance for Doubtful Accounts
e) Purchase Returns and Allowances
Allowance for Doubtful Accounts
A written promise to pay money to another person or business at a specified or determinable time:
a) Drawing Account
b) Promissory Note
c) Valuation Account
d) Allowance for Doubtful Accounts
e) Purchase Returns and Allowances
Promissory Note
The account paid for insurance protection:
a) Retail Sales Tax
b) Income Tax
c) Insurance Policy
d) Insurance Premium
e) Stock Certificate
Insurance Premium
Levied on the earnings of individuals in businesses by federal, state, and local government:
a) Retail Sales Tax
b) Income Tax
c) Insurance Policy
d) Insurance Premium
e) Stock Certificate
Income Tax
A contract between an insurance company and the party insured:
a) Retail Sales Tax
b) Income Tax
c) Insurance Policy
d) Insurance Premium
e) Stock Certificate
Insurance Policy
Imposed upon the purchaser of goods and collected by the seller, who remits such to the state or city government:
a) Retail Sales Tax
b) Income Tax
c) Insurance Policy
d) Insurance Premium
e) Stock Certificate
Retail Sales Tax
Evidence of the ownership of corporation stock:
a) Retail Sales Tax
b) Income Tax
c) Insurance Policy
d) Insurance Premium
e) Stock Certificate
Stock Certificate
Capital or net worth:
a) Current Asset
b) Current Liability
c) Proprietorship
d) Fixed Liability
e) Fixed Asset
Proprietorship
Accounts Receivable:
a) Current Asset
b) Current Liability
c) Proprietorship
d) Fixed Liability
e) Fixed Asset
Current Asset
Accounts Payable:
a) Current Asset
b) Current Liability
c) Proprietorship
d) Fixed Liability
e) Fixed Asset
Current Liability
Mortgage Payable within 15 years:
a) Current Asset
b) Current Liability
c) Proprietorship
d) Fixed Liability
e) Fixed Asset
Fixed Liability
Assets which will not be sold during the fiscal period:
a) Current Asset
b) Current Liability
c) Proprietorship
d) Fixed Liability
e) Fixed Asset
Fixed Asset
Things of value owned by a business:
a) Balance Sheet
b) Trial Balance
c) Assets
d) Liabilities
e) Proprietorship
Assets
One’s debt:
a) Balance Sheet
b) Trial Balance
c) Assets
d) Liabilities
e) Proprietorship
Liabilities
The equity of the owner of the business:
a) Balance Sheet
b) Trial Balance
c) Assets
d) Liabilities
e) Proprietorship
Proprietorship
The financial statement reflects the status of assets, liabilities, and owner’s equity as of a given date:
a) Balance Sheet
b) Trial Balance
c) Assets
d) Liabilities
e) Proprietorship
Balance Sheet
A check of equality of debts and credits:
a) Balance Sheet
b) Trial Balance
c) Assets
d) Liabilities
e) Proprietorship
Trial Balance
One who owes debts:
a) Fixed Liability
b) Proprietorship
c) Debtor
d) Current Liability
e) Creditor
Debtor
One to whom debts are owed:
a) Fixed Liability
b) Proprietorship
c) Debtor
d) Current Liability
e) Creditor
Creditor
Owner’s equity:
a) Fixed Liability
b) Proprietorship
c) Debtor
d) Current Liability
e) Creditor
Proprietorship
Mortgage Payable:
a) Fixed Liability
b) Proprietorship
c) Debtor
d) Current Liability
e) Creditor
Fixed Liability
Accounts Payable:
a) Fixed Liability
b) Proprietorship
c) Debtor
d) Current Liability
e) Creditor
Current Liability
Recording information in a ledger:
a) Ledger
b) Balance Sheet
c) Posting
d) Journal
e) Profit and Loss Statements
Posting
A book of accounts:
a) Ledger
b) Balance Sheet
c) Posting
d) Journal
e) Profit and Loss Statements
Ledger
Book in which the fitst formal double entry record of transactions is made:
a) Ledger
b) Balance Sheet
c) Posting
d) Journal
e) Profit and Loss Statements
Journal
A statement of assets, liabilities, and proprietorship at a specific date:
a) Ledger
b) Balance Sheet
c) Posting
d) Journal
e) Profit and Loss Statements
Balance Sheet
A summary of the results of operations for a specified period of time:
a) Ledger
b) Balance Sheet
c) Posting
d) Journal
e) Profit and Loss Statements
Profit and Loss Statements
Used to record paying cash for an item:
a) Purchases Journal
b) Sales Journal
c) Cash Receipt Journal
d) Cash Payment Journal
e) General Journal
Cash Payment Journal
For recording the buying of an article on credit:
a) Purchases Journal
b) Sales Journal
c) Cash Receipt Journal
d) Cash Payment Journal
e) General Journal
Purchases Journal
For receiving cash from merchandise:
a) Purchases Journal
b) Sales Journal
c) Cash Receipt Journal
d) Cash Payment Journal
e) General Journal
Cash Receipt Journal
Used to record selling of merchandise on credit:
a) Purchases Journal
b) Sales Journal
c) Sales Receipt Journal
d) Cash Payment Journal
e) General Journal
Sales Journal
Used for miscellaneous entries:
a) Purchases Journal
b) Sales Journal
c) Sales Receipt Journal
d) Cash Payment Journal
e) General Journal
General Journal
To be used over a long period of time:
a) Tangible Assets
b) Intangible Assets
c) Cash Assets
d) Current Assets
e) Fixed Assets
Fixed Assets
To be used relatively soon:
a) Tangible Assets
b) Intangible Assets
c) Cash Assets
d) Current Assets
e) Fixed Assets
Current Assets
Capable of being touched:
a) Tangible Assets
b) Intangible Assets
c) Cash Assets
d) Current Assets
e) Fixed Assets
Tangible Assets
Not physical or material:
a) Tangible Assets
b) Intangible Assets
c) Cash Assets
d) Current Assets
e) Fixed Assets
Intangible Assets
Money:
a) Tangible Assets
b) Intangible Assets
c) Cash Assets
d) Current Assets
e) Fixed Assets
Cash Assets
Check returned to the depositor that has been paid by the bank:
a) Check Stub
b) Drawer
c) Payee
d) Cancelled
e) Outstanding
Cancelled
A source of information for the journal:
a) Check Stub
b) Drawer
c) Payee
d) Cancelled
e) Outstanding
Check Stub
The one to whom the bank is ordered to pay the cash:
a) Check Stub
b) Drawer
c) Payee
d) Cancelled
e) Outstanding
Payee
A check that has been issued, but not yet presented for payment:
a) Check Stub
b) Drawer
c) Payee
d) Cancelled
e) Outstanding
Outstanding
The one who orders the bank to pay money from his account:
a) Check Stub
b) Drawer
c) Payee
d) Cancelled
e) Outstanding
Drawer
The time allowed for the payment of a sale:
a) Fiscal period
b) Fiscal Year
c) Compound Entry
d) Withdraws
e) Terms
Terms
Assets taken out of the business by the owner for his personal use:
a) Fiscal period
b) Fiscal Year
c) Compound Entry
d) Withdraws
e) Terms
Withdraws
The period for which an analysis of the operations for a business is made:
a) Fiscal period
b) Fiscal Year
c) Compound Entry
d) Withdraws
e) Terms
Fiscal Period
A journal entry that contains two or more debits or two or more credits:
a) Fiscal period
b) Fiscal Year
c) Compound Entry
d) Withdraws
e) Terms
Compound Entry
An accounting year ending some other date than December 31st:
a) Fiscal period
b) Fiscal Year
c) Compound Entry
d) Withdraws
e) Terms
Fiscal Year
Free on Board:
a) CPA
b) COD
c) CIF
d) CBD
e) FOB
FOB
Collect before delivery:
a) CPA
b) COD
c) CIF
d) CBD
e) FOB
CBD
Certified Public Accountant:
a) CPA
b) COD
c) CIF
d) CBD
e) FOB
CPA
Cost Insurance and Freight:
a) CPA
b) COD
c) CIF
d) CBD
e) FOB
CIF
Collect on Delivery:
a) CPA
b) COD
c) CIF
d) CBD
e) FOB
COD
Stockholders:
a) Interest
b) Mark-up
c) Fixed Assets
d) Partnership
e) Corporation
Corporation
Land, buildings, equipment:
a) Interest
b) Mark-up
c) Fixed Assets
d) Partnership
e) Corporation
Fixed Assets
Amount added to cost of merchandise to determine the selling price:
a) Interest
b) Mark-up
c) Fixed Assets
d) Partnership
e) Corporation
Mark-up
A business owned by two or more individuals with profits or losses jointly shared:
a) Interest
b) Mark-up
c) Fixed Assets
d) Partnership
e) Corporation
Partnership
Money paid for the use of money:
a) Interest
b) Mark-up
c) Fixed Assets
d) Partnership
e) Corporation
Interest
A special book in which payments made by check are recorded:
a) Book Value
b) Invoice
c) Check Register
d) Certified Check
e) Cashier’s Check
Check Register
A check drawn by a bank on it’s own funds and signed by the cashier:
a) Book Value
b) Invoice
c) Check Register
d) Certified Check
e) Cashier’s Check
Cashier’s Check
A check which carries the guarantee of the drawee that sufficient funds are available to pay the check when it is properly presented:
a) Book Value
b) Invoice
c) Check Register
d) Certified Check
e) Cashier’s Check
Certified Check
Cost of a fixed asset less accumulated depreciation:
a) Book Value
b) Invoice
c) Check Register
d) Certified Check
e) Cashier’s Check
Book Value
A paper showing quantity, description, prices of items, total amount of purchases and the terms of payment:
a) Book Value
b) Invoice
c) Check Register
d) Certified Check
e) Cashier’s Check
Invoice
A payment:
a) Restrictive Endorsement
b) Blank Endorsement
c) Endorsement in Full
d) Deferred
e) Disbursement
Disbursement
To delay unti a later date:
a) Restrictive Endorsement
b) Blank Endorsement
c) Endorsement in Full
d) Deferred
e) Disbursement
Deferred
Consists merely of the signature of the endorser on the back of a check:
a) Restrictive Endorsement
b) Blank Endorsement
c) Endorsement in Full
d) Deferred
e) Disbursement
Blank Endorsement
Endorsement which uses the phrase, “Pay to the Order of”:
a) Restrictive Endorsement
b) Blank Endorsement
c) Endorsement in Full
d) Deferred
e) Disbursement
Endorsement in Full
Endorsement which uses the phrase, “For Deposit Only”:
a) Restrictive Endorsement
b) Blank Endorsement
c) Endorsement in Full
d) Deferred
e) Disbursement
Restrictive Endorsement
The comparison of current assets with current liabilities:
a) Acid Test Ratio
b) Inventory Turnover
c) Long Lived Asset Ratio
d) Current Asset Ratio
e) Total Asset Ratio
Current Asset Ratio
The comparison of the fixed assets with the fixed liabilities:
a) Acid Test Ratio
b) Inventory Turnover
c) Long Lived Asset Ratio
d) Current Asset Ratio
e) Total Asset Ratio
Long Lived Asset Ratio
Comparison of cash and all the other current assets that are readily recognizable in cash with the other current liabilities:
a) Acid Test Ratio
b) Inventory Turnover
c) Long Lived Asset Ratio
d) Current Asset Ratio
e) Total Asset Ratio
Acid Test Ratio
Comparison or total assets with total liabilities:
a) Acid Test Ratio
b) Inventory Turnover
c) Long Lived Asset Ratio
d) Current Asset Ratio
e) Total Asset Ratio
Total Asset Ratio
Determined by dividing the cost of goods by the average inventory:
a) Acid Test Ratio
b) Inventory Turnover
c) Long Lived Asset Ratio
d) Current Asset Ratio
e) Total Asset Ratio
Inventory Turnover
