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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. Oversees the management of the company/corporation






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






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






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






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






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






7. 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






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






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






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






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






12. 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






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






14. 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






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






16. 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






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






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






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






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






21. First part of the income statement






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






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






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






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






26. Prepared by sole proprietors and partnerships






27. 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






28. What are the three versions of simply accounting






29. Formula to calculate the net book value






30. A legal document giving official permission to do something






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






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






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






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






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






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






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






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






39. 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






40. 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






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






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






43. Also know as the net book value






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






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






46. Documents issued by companies as evidence of transactions made






47. 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.






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






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






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