Test your basic knowledge |

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. 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






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 Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






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






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






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






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






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






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






9. Are not intended for resale






10. What are the three versions of simply accounting






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






12. Prepared by corporations - similar to a statement of owners equity






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






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






15. 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






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






17. Calculated by subtracting sales from the cogs






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






19. A separate one is maintained for each class of capital assets






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






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






22. One is maintained for all classes of capital assets






23. Two types of share capital accounts






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






26. 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






27. 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.






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






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






30. An account that represents the amount of owners' equity for each patner; profits are allocated to this account as specified in the partnership agreement






31. 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






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






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






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






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






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






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






39. First part of the income statement






40. All daily transactions are entered through these






41. A legal document giving official permission to do something






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






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






44. How often are the accounts payable entries entered into the accounts payable ledger






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






46. 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






47. Account maintained for small purchases






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






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






50. A business that offers services to the public







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests