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






2. First part of the income statement






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






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






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






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






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






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






9. Formula to calculate the net book value






10. Two types of share capital accounts






11. 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






12. What are the three versions of simply accounting






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






14. Calculated by subtracting sales from the cogs






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






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






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






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






19. You only have to enter business data once






20. A business that offers services to the public






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. 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






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






24. A specialized journal used to systematically record all cash received from customers payments on account - and from other sources such as cash sales - interest and sales taxes






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






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






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






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






29. Oversees the management of the company/corporation






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






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






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






33. 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






34. Also know as the net book value






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






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






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






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






39. 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






40. A business that is owned by a single individual






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






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






43. Prepared by sole proprietors and partnerships






44. 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






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






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






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






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






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






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







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