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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. You only have to enter business data once






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






3. The process of comparing the cash plus receipts to the original balance int he account






4. Formula to calculate the net book value






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






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






7. When you proceed to reconcile your bank account you will use these two things






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






9. A legal document giving official permission to do something






10. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared






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






12. 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






13. One is maintained for all classes of capital assets






14. Entries made to the sales and cash receipts journals involving the accounts receivable account are posted to the ______ __________ _______






15. This business does not have a purchase account and no inventory is recorded on the balance sheet






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






17. A business that is owned by a single individual






18. Shareholders equity contains two different types of accounts.... What are they






19. 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.






20. A business that offers services to the public






21. Used to write off the cost of an intangible capital asset






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






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






24. Includes the costs of all goods that are complete and ready for sale






25. 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






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






27. 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






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






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






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






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






32. A list of all the disbursements made from your petty cash in the box with the receipts and the cash






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






34. 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






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






36. 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






37. What is used to reference a company's Canadian GST and HST






38. Lists all vendors to whom your company has purchases






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






40. Calculated by adding the opening inventory - the net purchases and then subtracting the ending inventory






41. Oversees the management of the company/corporation






42. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement






43. The process of recording the transactions and financial activities of a business






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






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






46. At the end of the year - the bookkeeper will close each partner's __________ account to his/her _______ account and allocate each partner's share of the net income or loss in the business from the _________ ________ Account to his/her ________ accoun






47. Are not intended for resale






48. The ledgers are linked to the general ledger by this process






49. A partnership has a separate __________ and ____________ account for each partner






50. First part of the income statement