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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 separate one is maintained for each class of capital assets






2. 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.






3. 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






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






5. A legal document giving official permission to do something






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






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






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






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






10. What are the three versions of simply accounting






11. Two types of share capital accounts






12. 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






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






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






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






16. Also know as the net book value






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






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






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






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






21. You only have to enter business data once






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






23. Calculated by subtracting sales from the cogs






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






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






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






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






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






29. 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






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






31. Prepared once a month to ensure the general ledger accounts are balanced before the monthly financial statements are prepared






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






33. 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






34. Are not intended for resale






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






36. A business that is owned by a single individual






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. Companies that transform raw materials into finished goods for sale






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






40. Information from the sales invoice is recorded In what journal






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






42. 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






43. Lists all vendors to whom your company has purchases






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






45. Owner of a business owned by a single individual






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






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






48. Formula to calculate the net book value






49. Formula to calculate the depreciation for the year






50. 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