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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. 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






3. 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






4. Two types of share capital accounts






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






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






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






8. 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






9. All daily transactions are entered through these






10. 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






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






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






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






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






15. First part of the income statement






16. Net income is also known as this on an income statement






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






18. What are the three versions of simply accounting






19. 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






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






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






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






23. 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






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






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






26. Account maintained for small purchases






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






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






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






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






31. Calculated by subtracting sales from the cogs






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






33. Owner of a business owned by a single individual






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






35. Formula to calculate the depreciation for the year






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






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






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






39. Lists all vendors to whom your company has purchases






40. Are not intended for resale






41. 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






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






43. Formula to calculate the net book value






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






45. A legal document giving official permission to do something






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






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






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






49. 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






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






Can you answer 50 questions in 15 minutes?



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