Test your basic knowledge |

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. Payments received in advance - and deposits made on goods and services






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






3. Common Stock + Retained Earnings - Dividends + Revenues - Expenses

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


4. When title to merchandise passes from the supplier to the purchaser and creates an obligation to pay.






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






6. A net loss occurs






7. Choosing the number of accounting periods






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






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






10. Their related asset accounts on the balance sheet






11. The amount allocated to any one accounting period.






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






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






14. Decreases






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






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






17. Cash account






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






19. The manipulation of revenues and expenses to achieve a specific outcome.






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






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






22. Accounting periods of less than a year.






23. Unless there is evidence to the contrary - the accountant assumed that the business will continue to operate indefinitely






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






25. Determines corporate policy - declares dividends and appoints management.






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






27. Persuasive evidence of arrangement - Seller's price is fixed or determinable - Product or service has been delivered - Collectibility is reasonably assured






28. Sole worker of your business






29. Decreases






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






31. Lists all accounts and their balances






32. Working totals






33. Postponement of recognition of an expense already paid.






34. People that estimate various things






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






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






37. If you're having a bad year - to dump everything into something else like pensions

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


38. International Accounting Standards Board.






39. Contains only balance sheet accounts.






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






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






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






43. Increases






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






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






46. 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






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






49. Contributed Capital + Retained Earnings

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


50. Revenues - Expenses







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests