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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. 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






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






3. 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






4. A legal document giving official permission to do something






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






6. 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






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






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






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






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






11. 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






12. Account maintained for small purchases






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






14. All daily transactions are entered through these






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






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






17. What are the three versions of simply accounting






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






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






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






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






22. Calculated by subtracting sales from the cogs






23. As a rule these should always be recorded on the balance sheet at cost






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






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






26. This business purchases products from its vendors for resale to its customers






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






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






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






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






31. Two types of share capital accounts






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






33. Documents issued by companies as evidence of transactions made






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






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






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






37. 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






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






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






40. 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






41. 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






42. Formula to calculate the net book value






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






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






45. A business that is owned by a single individual






46. First part of the income statement






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






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






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






50. One is maintained for all classes of capital assets







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