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






2. A business that offers services to the public






3. Calculated by subtracting sales from the cogs






4. 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






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






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






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






8. 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.






9. 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






10. What are the three versions of simply accounting






11. You only have to enter business data once






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






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






14. Documents issued by companies as evidence of transactions made






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






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






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






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






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






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






21. 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






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






23. Includes the cost of various items used to produce the goods made by the manufacturing organization such as screws - nails - wood - iron - etc






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






25. Owner of a business owned by a single individual






26. Formula to calculate the net book value






27. 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






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






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






30. 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






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






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






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






34. Lists all vendors to whom your company has purchases






35. 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






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






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






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






39. Formula to calculate the depreciation for the year






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






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






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






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






44. A legal document giving official permission to do something






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






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






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






48. First part of the income statement






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






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