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Test your basic knowledge |
CLEP Financial Accounting
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Subjects
:
clep
,
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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
Contra Account
Allocating recorded - unearned revenues between 2 or more accounting periods (ARUR)
Consignment Sale
Income Statement
2. Payments of rent - insurance - supplies - and the depreciation of plant and equipment
Adjusting entries affect...
Allocating recorded costs between 2 or more accounting periods (ARC)
Recognition
GASB
3. Common Stock + Retained Earnings - Dividends + Revenues - Expenses
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4. When title to merchandise passes from the supplier to the purchaser and creates an obligation to pay.
Interim Periods
Periodicity
Statement of Retained Earnings:
We Recognize A Transaction
5. Focuses on assigning a monetary value to a business transaction and accounting for assets and liabilities.
Fiscal Year
Matching Rule
Adjusted Trial Balance
Valuation Issue
6. A net loss occurs
Valuation
IASB
When expenses exceed revenues..
Post-closing trial balance
7. Choosing the number of accounting periods
Continuity
Dividends are what to SE
Not recorded as transactions
Income Summary Account
8. Determines that all temporary accounts have zero balances and to double check that total debits = total credits
Post-closing trial balance
Stockholder's Equity
Recognizing Unrecorded Expenses (RUE)
Matching Rule
9. At a specific point in time (Certain Date)....Assets - Liabilities - Stockholder's equity.
Income Summary Account
Fiscal Year
Balance Sheet
Mutual Agency
10. Their related asset accounts on the balance sheet
GASB
Accumulated Depreciation accounts are deducted from..
Going Concern
Matching Rule
11. The amount allocated to any one accounting period.
Depreciation
Accounting Equation
Consignment Sale
We Recognize A Transaction
12. A 12 month accounting period (Vary depending on slack seasons)
Interim Periods
Going Concern
Balance Sheet
Fiscal Year
13. Government Accounting Standards Board - similar to FASB - issues accounting standards for state and local governments.
Accrued revenues
Allocating recorded costs between 2 or more accounting periods (ARC)
Permanent Accounts (Real Accounts)
GASB
14. Decreases
Dividends are what to SE
Normal Balance
When expenses exceed revenues..
Sole proprietorship
15. Forces a monetary value to a business transaction and accounting for the assets and liabilities that result from the transaction.
Valuation
Post-closing trial balance
SEC Requirements for transactions
Allocating recorded - unearned revenues between 2 or more accounting periods (ARUR)
16. It's usual balance and is the side (debit or credit) that increases the amount.
Contra Account
Closing Entries
FASB
Normal Balance
17. Cash account
Valuation
Earnings Management
Adjusting entries NEVER affect..
Adjusted Trial Balance
18. Close the revenues account - Close the expense account - Close the income summary account - Close the dividends account
Steps for Income Summary Account
Adjusted Trial Balance
Balance Sheet
Depreciation
19. The manipulation of revenues and expenses to achieve a specific outcome.
Steps for Income Summary Account
Recognition Point
Mutual Agency
Earnings Management
20. Society recognizes you as a partner of your partnership - so if you or they do something stupid - you are bound to that deal.
Final Trial Balance
Consignment Sale
Recognition Point
Mutual Agency
21. Selling goods and services to customers - employing managers and workers.
Revenues are what to SE..
Operating Activities
IASB
Interim Periods
22. Accounting periods of less than a year.
Interim Periods
Going Concern
Statement of Retained Earnings:
Events that are recorded as transactions
23. Unless there is evidence to the contrary - the accountant assumed that the business will continue to operate indefinitely
Going Concern
Statement of Retained Earnings:
Recognition Point
Continuity Assumption
24. Separate legal entities - and the corporation can enter contracts and also be sued. Stockholder's cannot be sued.
Depreciation
Deferral
Corporations
Dividends are what to SE
25. Determines corporate policy - declares dividends and appoints management.
Carrying Value
Board of Directors
When expenses exceed revenues..
Recognition Point
26. Generally Accepted Accounting Principles - or guidelines for financial accounting.
Expenses are what to SE..
GAAP
IASB
Fiscal Year
27. Persuasive evidence of arrangement - Seller's price is fixed or determinable - Product or service has been delivered - Collectibility is reasonably assured
SEC Requirements for transactions
Interim Periods
GAAP
Long term assets are..
28. Sole worker of your business
Contra Account
Revenues are what to SE..
Continuity Assumption
Sole proprietorship
29. Decreases
Expenses are what to SE..
Accumulated Depreciation accounts are deducted from..
Normal Balance
Stockholder's Equity
30. Revenues that a company has earned but for which no entry has been made in the accounting records
Periodicity
Accumulated Depreciation accounts are deducted from..
Accrued revenues
Valuation
31. Lists all accounts and their balances
Recognizing unrecorded - earned revenues
Accumulated Depreciation accounts are deducted from..
Interim Periods
Adjusted Trial Balance
32. Working totals
Footings
Recognizing Unrecorded Expenses (RUE)
Continuity Assumption
Accrued revenues
33. Postponement of recognition of an expense already paid.
Allocating recorded - unearned revenues between 2 or more accounting periods (ARUR)
Footings
Adjusting entries affect...
Deferral
34. People that estimate various things
Valuation
Actuaries
Expenses are what to SE..
Revenues are what to SE..
35. Wages - Interest - and Income taxes that have been incurred but have not been recorded during an accounting period.
Allocating recorded costs between 2 or more accounting periods (ARC)
Dividends are what to SE
Board of Directors
Recognizing Unrecorded Expenses (RUE)
36. A separate account that is paired with a related account
Income Statement
Stockholder's Equity
Contra Account
Normal Balance
37. If you're having a bad year - to dump everything into something else like pensions
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38. International Accounting Standards Board.
Continuity Assumption
Adjusting entries NEVER affect..
Accounting Equation
IASB
39. Contains only balance sheet accounts.
Depreciation
Final Trial Balance
Continuity Assumption
Adjusting entries affect...
40. Used to accumulate the depreciation on each long-term asset
Accumulated Depreciation Accounts
Accumulated Depreciation accounts are deducted from..
Adjusting entries NEVER affect..
Accrued Expenses
41. The predetermined time at which a transaction should be recorded.
Accrued Expenses
Allocating recorded costs between 2 or more accounting periods (ARC)
Operating Activities
Recognition Point
42. The ability to have enough cash to pay debts when they are due.
Revenues are what to SE..
Carrying Value
Liquidity
Mutual Agency
43. Increases
Revenues are what to SE..
IASB
Recognizing Unrecorded Expenses (RUE)
Operating Activities
44. The net amount - or 'Book Value' of an asset
Carrying Value
Adjusting entries NEVER affect..
SEC Requirements for transactions
Normal Balance
45. The estimation of business's net income in terms of accounting periods.
Adjusting entries NEVER affect..
Periodicity
Matching Rule
Accumulated Depreciation accounts are deducted from..
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
Accumulated Depreciation accounts are deducted from..
Valuation Issue
Continuity
Accrual Accounting
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.
Steps for Income Summary Account
Accrual Accounting
Balance Sheet
Securities Exchange Commission (SEC)
48. Balance sheet accounts - such as cash and accounts payable because they carry their end-of-period balances into the next accounting period
Depreciation
Stockholder's Equity =
Income Statement
Permanent Accounts (Real Accounts)
49. Contributed Capital + Retained Earnings
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50. Revenues - Expenses
Net Income =
SEC Requirements for transactions
Liquidity
Carrying Value
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