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






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






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






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






6. 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






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






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






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






10. 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






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






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






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






14. You only have to enter business data once






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






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






17. A business that offers services to the public






18. 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






19. Formula to calculate the net book value






20. Also know as the net book value






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 Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






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






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






24. 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






25. Documents issued by companies as evidence of transactions made






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






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






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






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






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






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






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






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






34. 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






35. All daily transactions are entered through these






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






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






38. One is maintained for all classes of capital assets






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






40. This is reported after the net income on an income statement






41. Owner of a business owned by a single individual






42. 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.






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






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






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






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






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






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






49. Two types of share capital accounts






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