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DSST Principles Of Finance

Subjects : dsst, 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. All purpose journal for recording the debits and credits of transactions and events.






2. The first time a company sells shares of its stock to the public.






3. Costs incurred in a period that are both unpaid and unrecorded; adjusting entries for recording accrued expenses and increasing liabilities.






4. Account linked with another account and having an opposite normal balance. Reported as a subtraction from the other account's normal balance.






5. A situation in which a person is faced with two convingin yet conflicting alternatives for the solution to a difficult problem.






6. The part of accounting that involves recording transactions and events either manually or electronically. Also called Recordkeeping.






7. Excess of expenses over revenues for a period.






8. A legal entity that is seperate from its owners.






9. Uncertainty about expected return.






10. Create the Public Company Accounting Oversight Board - regulates analyst conflicts - imposes corporate governance requirements - enhances accounting and control disclosures - impacts insider transactions and executive loans - establishes new types of






11. A security representing partial ownership of the company. It gives the holer priority to dividends over common stock investors. Capital stock that provides a specific dividend - which is paid before any dividends are pai to common stock holders - an






12. Equality involving a company's assets - liabilities - and equity; Assets = Liabilities + Equity






13. Cash and other assets expected to be sold - collected - or used within one year or the company's operating cycle - whichever is longer.






14. Recorded on the right side; an entry that decreases asset and expense accounts - and increases liability - revenue and most equity accounts. Abbreviated Cr.






15. A security representing a share of ownership in a company - providing voting rights - and entitling the holer to a share of the company's success through dividends and/or capital appreciation.






16. Owners of a corporation who usually receive dividends. Also called shareholders.






17. Resources that a company owns or controls that are expected to provide current and future benefits to the business.






18. Record of money deposited in a financeial instution for a state time perio at a fixe interest rate.






19. An acronym for the National Association of Securities Dealers Automated Quotations. NASDAQ was founded in 1970 and is the largest electronic stock exchange in the United States. Unlike the NYSE - it has no physical location - existing entirely on cyb






20. Unincorporated association of two or more persons to pursue a business for profit as co-owners.






21. A meausre if an investor's ability to cope with fluctations in the value of their portfolio.






22. Federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public.






23. Optional entries recorded at the beginning of a period that prepare the accounts for the usual journal entries as if adjusting entries had not occurred in the prior period.






24. Balance sheet that broadly groups assets - liabilities - and equity accounts.






25. Amount earned after subtracting all expenses necessary for and matched with sales for a period.






26. The central bank of the United States - with 12 Federal Reserve branch banks located in major cities throughout the nation. It helps to regulate the US monetary and banking system.






27. Revenues earned in a period that both unrecorded and not yet received in cash (or other assets; adjusting entries for recording accrued revenues involve increasing assets and increasing revenues.






28. A federal agency that is responsible for regulating the securities industry an enforcing federal securites laws.






29. Journal entry at the end of an accounting period to bring an asset or liability account to its proper amount and update the related expenses or revenue account.






30. Consecutive 12-month (or 52 week) period chosen as the organization's annual accounting period.






31. Business owned by one person that is not organized as a corporation.






32. Debt securities that are issued by a borrower to raise capital . Bonds guarantee payments of the original amount borrowe plus interest and/or repayable on a fixed rate when the bond matures.






33. Analysis and report of an organization's accounting system - its records - and its reports using various tests.






34. The notion that only information with benefits of disclosure greater than the costs of disclosure need to be disclosed.






35. Obligations not due to be paid within one year or the operating cycle - whichever is longer.






36. Spreadsheets used to draft an unadjusted trial balance - adjusting entries - adjusted trial balance - and financial statements.






37. Equity of a corporation divided into ownership units that usually give dividends. Also called Shares.






38. Record containing all accounts (with amounts) for a business.






39. Financial instruments such as stocks - bonds - and mutual funds that are traded in a stock exchange.






40. Accounting standards set by the IASB which aim to develop a single set of global standards - to promote those standards - and converge national and international standards globally.






41. Sources of information in accounting entries that can be in either paper or electronic form. Also called business papers.






42. Statements that show the effect of proposed transactions and events as if they had occurred.






43. An expense that changes from period to perio - such as food or gasoline costs.






44. Area of accounting aimed mainly at serving the decision-making needs of internal users.






45. Area of accounting aimed mainly at serving external users.






46. Accounting principle that prescribes financial statement information to be based on actual costs incurred in business transactions.






47. Persons using accounting information who are not directly involved in running the organization.






48. The NYSE was founded in 1792 and is the oldest and larvest securities market in the United States. it is located on Wall Street in New York.






49. Financial statement that lists types and dollar amounts of assets - liabilities - and equity at a specific date.






50. Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.