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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. What are the three versions of simply accounting






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 Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






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






4. 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






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






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






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






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






9. First part of the income statement






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






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






12. Owner of a business owned by a single individual






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






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






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






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






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






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






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






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






21. Calculated by subtracting sales from the cogs






22. 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






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






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






25. 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






26. A business that is owned by a single individual






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






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






29. You only have to enter business data once






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






31. A legal document giving official permission to do something






32. 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






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






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






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






36. Two types of share capital accounts






37. 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






38. 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






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






40. 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






41. 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.






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






43. Updated daily to enable the company to determine credit limits - give discounts on payments - and to keep up to date records of all customers






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






45. Consist of physical assets and non-physical or intangible properties






46. Are not intended for resale






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






48. One is maintained for all classes of capital assets






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






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