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






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






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






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






5. First part of the income statement






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






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






8. A legal document giving official permission to do something






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






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






11. All daily transactions are entered through these






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






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






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






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






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






17. 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






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






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






20. Formula to calculate the net book value






21. Listed on the balance sheet are assets that can be turned into cash within one year






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






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






24. 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






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






26. Owner of a business owned by a single individual






27. A business that is owned by a single individual






28. 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






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






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






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






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






33. 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






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






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






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






37. Two types of share capital accounts






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






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






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






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






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






43. 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






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






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






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






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






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






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






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







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