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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. You only have to enter business data once






2. Documents issued by companies as evidence of transactions made






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






4. Are not intended for resale






5. 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






6. 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






7. 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






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






9. Formula to calculate the net book value






10. 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






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






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






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






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






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






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






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






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






19. Oversees the management of the company/corporation






20. A business owned by one or more individuals who are known as shareholders






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






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






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






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






25. 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.






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






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






28. 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






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






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. 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






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






34. One is maintained for all classes of capital assets






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






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






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






38. 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






39. It is possible for a balance sheet to be off a few dollars due to rounding - if this happens you would adjust any difference through these two accounts






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






41. Prepared by sole proprietors and partnerships






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






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






44. A business that offers services to the public






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






46. Lists all vendors to whom your company has purchases






47. 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






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






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






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







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Can you answer 50 questions in 15 minutes?


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