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. Determines corporate policy - declares dividends and appoints management.






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






3. Revenues - Expenses






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






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






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






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






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






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






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






11. 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






12. People that estimate various things






13. Accounting periods of less than a year.






14. International Accounting Standards Board.






15. Deferral of an expense! (Except land)






16. 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.






17. Their related asset accounts on the balance sheet






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






19. The amount allocated to any one accounting period.






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






21. Working totals






22. Contains only balance sheet accounts.






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






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






26. Cash account






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






28. 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.






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






30. Decreases






31. Sole worker of your business






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






33. Postponement of recognition of an expense already paid.






34. 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


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






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






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






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






39. 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






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






41. A net loss occurs






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






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






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






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






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






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






48. Lists all accounts and their balances






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






50. Choosing the number of accounting periods







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