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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. 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






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






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






4. Prepared by sole proprietors and partnerships






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






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






7. A business that is owned by a single individual






8. Documents issued by companies as evidence of transactions made






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






10. A legal document giving official permission to do something






11. 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






12. You only have to enter business data once






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






14. Calculated by subtracting sales from the cogs






15. 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






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






17. Formula to calculate the depreciation for the year






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






19. 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






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






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






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






23. 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






24. A business that offers services to the public






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






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






27. Lists all vendors to whom your company has purchases






28. One is maintained for all classes of capital assets






29. An accelerated depreciation method becuase it calculates more depreciation in the early years and less in the later years






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






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






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






33. Account maintained for small purchases






34. Two types of share capital accounts






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






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






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






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






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






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






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






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






43. What account is on the cash receipts and sales journals






44. Are not intended for resale






45. Information from the sales invoice is recorded In what journal






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






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






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






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






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







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Can you answer 50 questions in 15 minutes?


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