Test your basic knowledge |

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. Consist of physical assets and non-physical or intangible properties






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






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






4. Taxes are deducted from the income before taxes total on an income statement to come up with this total...






5. Before entering the receipt in the cash receipts journal - you would check the ____________ ___________ ______ for the name of the customer and the amount owing






6. 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






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






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






9. Two types of share capital accounts






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






11. 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.






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






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






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






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






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






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






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






19. 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






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






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






22. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years






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






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






25. Prepared by corporations - similar to a statement of owners equity






26. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






27. What account is on the cash receipts and sales journals






28. Prepared by sole proprietors and partnerships






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






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






31. This is reported after the net income on an income statement






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






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






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






35. One is maintained for all classes of capital assets






36. Are not intended for resale






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






38. All daily transactions are entered through these






39. Documents issued by companies as evidence of transactions made






40. Is arrived at by subtracting the accumulated depreciation recorded on the asset (to date) from the original cost of the asset






41. Also know as the net book value






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






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






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






45. 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






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






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






48. What are the three versions of simply accounting






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






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