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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. Documents issued by companies as evidence of transactions made






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






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






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






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






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






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






8. Oversees the management of the company/corporation






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






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






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






12. Owner of a business owned by a single individual






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






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






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






16. 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






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






19. 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






20. Two types of share capital accounts






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






22. You only have to enter business data once






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






24. One is maintained for all classes of capital assets






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






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






27. Calculated by subtracting sales from the cogs






28. 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






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






30. The process of comparing the cash plus receipts to the original balance int he account






31. 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






32. Formula to calculate the net book value






33. Formula to calculate the depreciation for the year






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






35. 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






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






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






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






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






40. 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






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






42. A business that is owned by a single individual






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






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






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






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






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






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






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






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