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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. 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






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






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






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






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






6. Oversees the management of the company/corporation






7. Represents the expected value of the asset at the end of its useful life to the business






8. Shows how much income has been earned b the business during the time period






9. You only have to enter business data once






10. Prepared by sole proprietors and partnerships






11. When a merchandising business prepares its income statement it includes a section called.....






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






13. In a corporations books - the equity section is referred to as _________ ________






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






15. 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






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






17. Calculated by subtracting the total expenses directly related to the operation of the buiness from the gross margin






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






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






20. Account used to record the net income that is retained in the business at the end of the year






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






22. 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






23. Companies that transform raw materials into finished goods for sale






24. Signed by all partners in a partneship to establish rules about how the business is going to be run






25. 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






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






27. All daily transactions are entered through these






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






29. 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






30. Documents issued by companies as evidence of transactions made






31. It is possible for a balance sheet to be off a few dollars due to rounding - if this happens you would adjust any difference through these two accounts






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






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






34. The two start up methods on simply accountin through the set up wizard






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






36. First part of the income statement






37. 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






38. A specialized journal to systematically record all cash paid by the company to suppliers and to others - such as rent and taxes






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






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






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






42. 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






43. 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






44. Are not intended for resale






45. Lists all vendors to whom your company has purchases






46. A business that is owned by a single individual






47. A business that offers services to the public






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






49. 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






50. What are the three versions of simply accounting







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Can you answer 50 questions in 15 minutes?


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