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. Accounting periods of less than a year.






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






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






5. Cash account






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






7. International Accounting Standards Board.






8. A net loss occurs






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






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






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






12. Contributed Capital + Retained Earnings

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


13. The amount allocated to any one accounting period.






14. Net income on the income statement - and profitability comparisons from one accounting period to the next.






15. Decreases






16. Shows the changes in RE over an accounting period.






17. Contains only balance sheet accounts.






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






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






20. 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






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






22. 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


23. Increases






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






25. Match expenses with the revenues that they help generate - & vice versa.






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






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






28. As an expense and the corresponding liability accumulate.






29. Accounting for revenues in the period in which cash is received and for expenses in the period where cash is paid. More closely related to the goal of liquidity.






30. Deferral of an expense! (Except land)






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






32. customer inquires about availability of service -company hires new employee -company signs contract to provide service in future






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






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






35. 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


36. 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.






37. When an entity sends out a product to a distributor and takes a certain percentage for what they sell it for (Usually occurs when they have excess inventory)






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






39. A temporary account that summarizes all revenues and expenses for the period.






40. Working totals






41. Their related asset accounts on the balance sheet






42. Postponement of recognition of an expense already paid.






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






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






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






46. Sole worker of your business






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






48. Revenues - Expenses






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






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







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