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






2. First part of the income statement






3. Account maintained for small purchases






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






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






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






7. 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






8. You only have to enter business data once






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






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






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






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






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






14. Are not intended for resale






15. Entries involving the accounts payable account that are made to the purchases and cash disbursements journals are then posted to the ___________ __________ __________






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






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






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






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






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






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






22. A business that is owned by a single individual






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






24. Owner of a business owned by a single individual






25. Oversees the management of the company/corporation






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






27. 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






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






29. 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






30. 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






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






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






33. A business that offers services to the public






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. 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






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






37. 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






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






39. 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






40. A separate one is maintained for each class of capital assets






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






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






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






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






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






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






47. What are the three versions of simply accounting






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






49. A legal document giving official permission to do something






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