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






2. 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






3. Owner of a business owned by a single individual






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






5. 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.






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






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






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






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






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






11. 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






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






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






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






15. Also know as the net book value






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






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 Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






18. What are the three versions of simply accounting






19. 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






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






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






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






23. Documents issued by companies as evidence of transactions made






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






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






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






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






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






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






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






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






32. 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






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






34. 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






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






36. 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






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






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






39. You only have to enter business data once






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






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






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






43. Two types of share capital accounts






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






45. Are not intended for resale






46. A legal document giving official permission to do something






47. 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






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






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






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