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






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






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






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






5. 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






6. Prepared by sole proprietors and partnerships






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






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






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






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






11. 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






12. Lists all vendors to whom your company has purchases






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






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






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






16. This business purchases products from its vendors for resale to its customers






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






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






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






20. 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






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






22. Formula to calculate the depreciation for the year






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






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






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






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






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






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






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






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






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






32. First part of the income statement






33. 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






34. 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.






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






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






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






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






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






40. Also know as the net book value






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






42. All daily transactions are entered through these






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






44. 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






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






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






47. Documents issued by companies as evidence of transactions made






48. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc






49. A legal document giving official permission to do something






50. Owner of a business owned by a single individual







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Can you answer 50 questions in 15 minutes?


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