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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. Calculated by subtracting sales from the cogs






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






3. You only have to enter business data once






4. 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






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






6. 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






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






8. A business that offers services to the public






9. What are the three versions of simply accounting






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






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






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






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






14. Owner of a business 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. What account is on the purchases and cash disbursements journals






17. Formula to calculate the depreciation for the year






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






19. A record of a purchase made by a company - showing the terms and conditions for payment






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 Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






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






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






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






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






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






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






27. A legal document giving official permission to do something






28. 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






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






30. 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






31. Prepared by sole proprietors and partnerships






32. Two types of share capital accounts






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






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






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






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






37. Formula to calculate the net book value






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






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






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






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






42. Are not intended for resale






43. 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






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






45. Documents issued by companies as evidence of transactions made






46. 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






47. 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






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






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






50. 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