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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. Lists all vendors to whom your company has purchases






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






3. Includes the costs of all goods that are complete and ready for sale






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






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






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






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






8. 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






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






10. 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






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






12. 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






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






14. What are the three versions of simply accounting






15. Documents issued by companies as evidence of transactions made






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






17. Also know as the net book value






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






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






20. One is maintained for all classes of capital assets






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






22. 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.






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






24. 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






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






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






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






29. Prepared by sole proprietors and partnerships






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






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






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






35. 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






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






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






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






39. Owner of a business owned by a single individual






40. What account is on the cash receipts and sales journals






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






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. A business that offers services to the public






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






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






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






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






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






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






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