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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. What account is on the cash receipts and sales journals






2. A business that offers services to the public






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






4. Listed on the balance sheet are assets that can be turned into cash within one year






5. You only have to enter business data once






6. Owner of a business owned by a single individual






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






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






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






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






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






12. 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






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






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






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






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






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






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






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






20. 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






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






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






23. Calculated by subtracting sales from the cogs






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






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






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






27. 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






28. 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






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






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






31. Formula to calculate the depreciation for the year






32. In a corporations books - the equity section is referred to as _________ ________






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






34. Oversees the management of the company/corporation






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






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






37. 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






38. What are the three versions of simply accounting






39. A business that is owned by a single individual






40. Lists all vendors to whom your company has purchases






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






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






43. Account maintained for small purchases






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






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






46. 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.






47. 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






48. 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






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






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