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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. Formula to calculate the depreciation for the year






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






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






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






5. 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






6. 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






7. A business that offers services to the public






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






9. 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.






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






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






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






13. Formula to calculate the net book value






14. Are not intended for resale






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






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






17. 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






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






19. Oversees the management of the company/corporation






20. A business that is owned by a single individual






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






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






23. 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






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






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






26. 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






27. Two types of share capital accounts






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






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






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






31. 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






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






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






34. Calculated by subtracting sales from the cogs






35. Prepared by sole proprietors and partnerships






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






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






38. Owner of a business owned by a single individual






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






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






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






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






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






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






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






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






47. 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






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






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






50. 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