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. One is maintained for all classes of capital assets






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






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






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






5. 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






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






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






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






9. A business that offers services to the public






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






11. What are the three versions of simply accounting






12. 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






13. Account maintained for small purchases






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






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






16. Two types of share capital accounts






17. 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






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






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






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






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






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






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






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






25. All daily transactions are entered through these






26. Amounts owed by the company that are due within one year of the balance sheet date






27. You only have to enter business data once






28. First part of the income statement






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






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






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






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






33. Oversees the management of the company/corporation






34. A legal document giving official permission to do something






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






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






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






38. 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






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






40. Documents issued by companies as evidence of transactions made






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






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






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






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






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






46. A business that is owned by a single individual






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






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






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






50. 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