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






2. Oversees the management of the company/corporation






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






4. How often are the accounts payable entries entered into the accounts payable ledger






5. Formula to calculate the depreciation for the year






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






7. You only have to enter business data once






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






9. Includes all debt that is due in more than one year






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






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






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. 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






14. A business that is owned by a single individual






15. 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






16. Must have a useful life of more than one year






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






18. 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






19. Calculated by subtracting sales from the cogs






20. Deposits that have not yet been deposited in the bank account






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






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






23. Who makes the decision on the amount to keep in the petty cash account






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






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






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






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






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






29. Also know as the net book value






30. One is maintained for all classes of capital assets






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






32. 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






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






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






35. First part of the income statement






36. A legal document giving official permission to do something






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






38. Allows companies to see patterns of negligence and shows where the company should take action to collect accounts that are overdue - also enables the company to create an allowance for bad and doubtful accounts whenpreparing the financial statements






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






40. A business that offers services to the public






41. All daily transactions are entered through these






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






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






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






45. The method of writing off the cost of capital assets by assigning an equal charge to revenue over the estimated life of the asset






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






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






48. 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






49. Lists all vendors to whom your company has purchases






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