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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. A number of owners join together and create one business in which they each own an agreed upon percentage






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






3. 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






4. 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






5. 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






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






7. Calculated by subtracting sales from the cogs






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






9. 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






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






11. 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






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






13. What are the three versions of simply accounting






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






15. Formula to calculate the net book value






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






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






18. A business that offers services to the public






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






20. Formula to calculate the depreciation for the year






21. Owner of a business owned by a single individual






22. One is maintained for all classes of capital assets






23. All daily transactions are entered through these






24. You only have to enter business data once






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






26. 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






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






28. 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.






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






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






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






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






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






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






35. 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






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






37. 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






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






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






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






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






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






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






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






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






46. Documents issued by companies as evidence of transactions made






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






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






49. Two types of share capital accounts






50. 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






Can you answer 50 questions in 15 minutes?



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