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






2. 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






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






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






5. Two types of share capital accounts






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






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






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






9. A business that is owned by a single individual






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






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






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






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






14. Account maintained for small purchases






15. 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






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






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






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






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






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






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






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






23. Owner of a business owned by a single individual






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






25. 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






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






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






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






29. 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






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






31. Must be held for use in the production of goods and/or services






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






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






34. Formula to calculate the depreciation for the year






35. Documents issued by companies as evidence of transactions made






36. You only have to enter business data once






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






38. 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






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






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






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






43. Lists all vendors to whom your company has purchases






44. 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






45. 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






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






47. As a rule these should always be recorded on the balance sheet at cost






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






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






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