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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. Companies that transform raw materials into finished goods for sale






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






3. Also know as the net book value






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






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






6. 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






7. 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






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






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






10. What are the three versions of simply accounting






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






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






13. Two types of share capital accounts






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






15. Calculated by subtracting sales from the cogs






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






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






18. Prepared by sole proprietors and partnerships






19. One is maintained for all classes of capital assets






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






21. 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






22. 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






23. Formula to calculate the net book value






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






25. A business that is owned by a single individual






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






27. Lists all vendors to whom your company has purchases






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






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






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






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






32. Account maintained for small purchases






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






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






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






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






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






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






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






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






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






42. 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






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






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






45. 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






46. Owner of a business owned by a single individual






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






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






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






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







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