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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. 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






2. 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






3. What are the three versions of simply accounting






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






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






6. Prepared by corporations - similar to a statement of owners equity






7. 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.






8. 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






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






10. Prepared for each bank account - each month - to allow companies to verify that the company's bank account is accurate and all the items on the Statement of Account belong to the company and are reflected in the company records






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






12. A business that offers services to the public






13. One is maintained for all classes of capital assets






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






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. 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






17. 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






18. A legal document giving official permission to do something






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






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






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






22. 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






23. 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






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






25. Lists all vendors to whom your company has purchases






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






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






28. Account maintained for small purchases






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






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






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






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






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






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






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






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






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






38. All daily transactions are entered through these






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






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






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






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






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






44. A number of owners join together and create one business in which they each own an agreed upon percentage






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






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






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






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






49. Owner of a business owned by a single individual






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