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CLEP Financial Accounting

Subjects : clep, 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. Shows the changes in RE over an accounting period.






2. A separate account that is paired with a related account






3. People that estimate various things






4. Generally Accepted Accounting Principles - or guidelines for financial accounting.






5. Customer buys a service - company pays an employee for service - company performs service






6. The practice of recording transactions at exchange price at the point of recognition.






7. As an expense and the corresponding liability accumulate.






8. Decreases






9. Working totals






10. Revenue that a company has earned for providing a service but for which it has not billed or been paid by the end of the accounting period.






11. Decreases






12. Wages - Interest - and Income taxes that have been incurred but have not been recorded during an accounting period.






13. A net loss occurs






14. Choosing the number of accounting periods






15. Balance sheet accounts - such as cash and accounts payable because they carry their end-of-period balances into the next accounting period






16. Financial Accounting Standards Board - Designed by SEC to develop rules on accounting practice.






17. The ability to have enough cash to pay debts when they are due.






18. Deferral of an expense! (Except land)






19. Government Accounting Standards Board - similar to FASB - issues accounting standards for state and local governments.






20. Payments of rent - insurance - supplies - and the depreciation of plant and equipment






21. The predetermined time at which a transaction should be recorded.






22. Accounting Equation






23. Close the revenues account - Close the expense account - Close the income summary account - Close the dividends account






24. Their related asset accounts on the balance sheet






25. Society recognizes you as a partner of your partnership - so if you or they do something stupid - you are bound to that deal.






26. Contributed Capital + Retained Earnings

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27. Deals with all techniques accountants use to apply the matching rule: Recording revenue when they are earned - Recording expenses when they are incurred - More closely related to profitability - Adjusting the accounts






28. Forces a monetary value to a business transaction and accounting for the assets and liabilities that result from the transaction.






29. Revenues that a company has earned but for which no entry has been made in the accounting records






30. Cash account






31. Used to accumulate the depreciation on each long-term asset






32. Accounting periods of less than a year.






33. Revenues - Expenses






34. The net amount - or 'Book Value' of an asset






35. Contains only balance sheet accounts.






36. Companies present annual financial statements on the assumption that the business will continue to operate indefinitely






37. Focuses on assigning a monetary value to a business transaction and accounting for assets and liabilities.






38. It's usual balance and is the side (debit or credit) that increases the amount.






39. Increases






40. Determines that all temporary accounts have zero balances and to double check that total debits = total credits






41. Postponement of recognition of an expense already paid.






42. Separate legal entities - and the corporation can enter contracts and also be sued. Stockholder's cannot be sued.






43. Made at the end of accounting period..-They clear revenue - expense accounts - and dividends account of their balances. -Summarize a period's revenue and expenses by transferring the balances of them to the income summary account






44. Selling goods and services to customers - employing managers and workers.






45. The estimation of business's net income in terms of accounting periods.






46. A 12 month accounting period (Vary depending on slack seasons)






47. A body of people set up by Congress who protect the public by regulating the issuing - buying - and selling of stocks in the US.






48. Sole worker of your business






49. International Accounting Standards Board.






50. At a specific point in time (Certain Date)....Assets - Liabilities - Stockholder's equity.







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Can you answer 50 questions in 15 minutes?


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