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






2. A legal document giving official permission to do something






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






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






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






6. Two types of share capital accounts






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






8. 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






9. 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






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






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






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






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






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






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






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






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






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






20. A business that offers services to the public






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






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






23. 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






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






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






26. You only have to enter business data once






27. Also know as the net book value






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






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






30. Account maintained for small purchases






31. Formula to calculate the depreciation for the year






32. 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






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






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






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






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






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






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






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






40. All daily transactions are entered through these






41. Documents issued by companies as evidence of transactions made






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






43. One is maintained for all classes of capital assets






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






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






46. What are the three versions of simply accounting






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






48. 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.






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






50. 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







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