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






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






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






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






5. Oversees the management of the company/corporation






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






7. Formula to calculate the depreciation for the year






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






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






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






11. 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






12. 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






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






14. 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






15. Prepared by sole proprietors and partnerships






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






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






18. 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






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






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






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






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






23. 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






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






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






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






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 Account used to record amounts withdrawn by each partner; there may be limitations based on the partnership agreement






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






29. Account maintained for small purchases






30. 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






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






32. Two types of share capital accounts






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






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






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






36. Represents the expected value of the asset at the end of its useful life to the business






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






38. Documents issued by companies as evidence of transactions made






39. 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






40. All daily transactions are entered through these






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






42. A business that offers services to the public






43. Lists all vendors to whom your company has purchases






44. A business that is owned by a single individual






45. What are the three versions of simply accounting






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






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






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






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






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