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






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






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






4. 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






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






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






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






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






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






10. One is maintained for all classes of capital assets






11. First part of the income statement






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






13. Lists all vendors to whom your company has purchases






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






15. Calculated by subtracting sales from the cogs






16. Owner of a business owned by a single individual






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






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






19. Allows the company to not only maintain accurate records of purchases and payments - but also for future reference and for the audit of the company books at the end of the year






20. Formula to calculate the depreciation for the year






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






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






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






24. Also know as the net book value






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






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






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






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






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






31. What are the three versions of simply accounting






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






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






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






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






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






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






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






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






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






41. Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






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






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






44. 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






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






46. Are not intended for resale






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






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






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






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







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Can you answer 50 questions in 15 minutes?


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