Test your basic knowledge |

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






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






3. Oversees the management of the company/corporation






4. 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






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






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






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






8. Account maintained for small purchases






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






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






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






12. All daily transactions are entered through these






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






14. A business that offers services to the public






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






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






17. 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.






18. Are not intended for resale






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






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






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






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






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






24. A business that is owned by a single individual






25. A legal document giving official permission to do something






26. Formula to calculate the depreciation for the year






27. What are the three versions of simply accounting






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






30. Formula to calculate the net book value






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






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






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






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






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






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






37. One is maintained for all classes of capital assets






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






39. 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






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






41. Who makes the decision on the amount to keep in the petty cash account






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






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






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






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






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






47. 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






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






49. Prepared by sole proprietors and partnerships






50. Two types of share capital accounts