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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. Documents issued by companies as evidence of transactions made






2. 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






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






4. One is maintained for all classes of capital assets






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






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






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






8. Companies that transform raw materials into finished goods for sale






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






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






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






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






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






14. 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






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






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






17. Oversees the management of the company/corporation






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






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






20. 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






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






22. 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






23. Are not intended for resale






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






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






26. Lists all vendors to whom your company has purchases






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






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






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






30. Account maintained for small purchases






31. You only have to enter business data once






32. 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






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






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






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






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






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






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






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






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






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






42. Formula to calculate the depreciation for the year






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






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






45. 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






46. A legal document giving official permission to do something






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






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






49. 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






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