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






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






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






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






5. Cash account






6. Decreases






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






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






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

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10. 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.






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






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






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






14. 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.






15. A net loss occurs






16. 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






17. Choosing the number of accounting periods






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






19. Postponement of recognition of an expense already paid.






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






21. Deferral of an expense! (Except land)






22. Contains only balance sheet accounts.






23. Their related asset accounts on the balance sheet






24. Summarizes revenues earned and expenses incurred by a business over an accounting period. (Shows whether a business achieved its profitability goal)...Revenues - Expenses - Income taxes






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






26. Working totals






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






28. The difficulty of deciding when a business transaction should be recorded






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






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






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






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






33. Contributed Capital + Retained Earnings

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34. 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






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






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






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






38. Lists all accounts and their balances






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






40. The amount allocated to any one accounting period.






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






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






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






44. Accounting Equation






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






46. Sole worker of your business






47. Accounting periods of less than a year.






48. Revenues - Expenses






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






50. 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)







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Can you answer 50 questions in 15 minutes?


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