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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. Are not intended for resale






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






3. Calculated by subtracting sales from the cogs






4. 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






5. Owner of a business owned by a single individual






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






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






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






9. 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






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






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






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






13. A legal document giving official permission to do something






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






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






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






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






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






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






20. First part of the income statement






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 Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






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






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






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






25. 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






26. One is maintained for all classes of capital assets






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






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






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






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






31. 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






32. 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






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






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






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






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






39. 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






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






41. A business that offers services to the public






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






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






44. 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.






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






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






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






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






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






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







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Can you answer 50 questions in 15 minutes?


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