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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. All daily transactions are entered through these






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






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






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






5. Companies that transform raw materials into finished goods for sale






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






7. What are the three versions of simply accounting






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






9. 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






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






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






12. Two types of share capital accounts






13. 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






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






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






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






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






18. 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






19. Oversees the management of the company/corporation






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






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






22. Documents issued by companies as evidence of transactions made






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






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






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






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






27. Account maintained for small purchases






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






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






31. 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






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






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






34. A business that offers services to the public






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






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






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






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






39. Formula to calculate the net book value






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






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






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






43. Are not intended for resale






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






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






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






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






48. Prepared by sole proprietors and partnerships






49. Account is reduced by the value of dividends paid to the shareholder






50. 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.







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Can you answer 50 questions in 15 minutes?


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