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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. One is maintained for all classes of capital assets






2. 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






3. Are not intended for resale






4. Account maintained for small purchases






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






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






7. 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.






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 Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






9. Two types of share capital accounts






10. Calculated by subtracting sales from the cogs






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






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






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






14. What are the three versions of simply accounting






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






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






17. 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






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






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






20. A legal document giving official permission to do something






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






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






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






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






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






26. 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






27. 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






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






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






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






31. You only have to enter business data once






32. Owner of a business owned by a single individual






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






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






35. Also know as the net book value






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






37. Documents issued by companies as evidence of transactions made






38. 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






39. 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






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






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






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






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






44. 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






45. 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






46. Formula to calculate the depreciation for the year






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






48. 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






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






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






Can you answer 50 questions in 15 minutes?



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