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






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






3. What are the three versions of simply accounting






4. All daily transactions are entered through these






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






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






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 Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






8. Calculated by subtracting sales from the cogs






9. 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






10. One is maintained for all classes of capital assets






11. A legal document giving official permission to do something






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






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






14. 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






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






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






17. First part of the income statement






18. Are not intended for resale






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






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






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






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






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






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






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






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






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






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






29. 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






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






31. Also know as the net book value






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






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






34. 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






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






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






37. Formula to calculate the depreciation for the year






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






39. Has an indefinate life span and is not considered to reduce in value over time






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






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






42. 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






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






44. Formula to calculate the net book value






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






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






47. 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






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






49. A business that offers services to the public






50. 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