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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. 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






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






3. Prepared by sole proprietors and partnerships






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






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






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






7. The corporation has an account called _______ ______ _____ on its Income Statement and an _____ ______ ______ account on its Balance Sheet to record the accrual of income tax






8. A business that is owned by a single individual






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






10. First part of the income statement






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






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






13. A business that offers services to the public






14. 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






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






16. 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






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






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






19. 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






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






21. One is maintained for all classes of capital assets






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






23. Must be held for use in the production of goods and/or services






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






25. 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






26. Formula to calculate the depreciation for the year






27. Two types of share capital accounts






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






29. Account maintained for small purchases






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






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






32. Oversees the management of the company/corporation






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






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






35. 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






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






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






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






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






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






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






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






43. You only have to enter business data once






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






45. 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






46. 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






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






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






49. Lists all vendors to whom your company has purchases






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







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