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Test your basic knowledge |
DSST Principles Of Finance
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Subjects
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dsst
,
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Individuals hired to review financial reports and information systems of organizations.
Auditors
Return on Assets
Common Stock
Temporary Accounts
2. Loaning or giving money to a business in orer to save it from bankruptcy.
Bailout
International Financial Reporting Standards
Accounting Equation
Going-concern Assumptions
3. List of accounts and their balances at a point in time; total debit balances must equal total credit balances.
Return on Assets
Partnership
Statement of Cash Flows
Trial balance
4. Assets acquisition costs less its accumulated depreciation - depletion - or amortization. Also sometimes used synonymously as the carrying value of an account.
Book Value
Discretionary Income
Annual Financial Statements
Posting
5. Federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public.
Securities and Exchange Commission
Adjusting Entry
Measurement Principle
Cost Principle
6. A federal agency that is responsible for regulating the securities industry an enforcing federal securites laws.
Equity
Auditors
SEC (Securites and Exchange Commision)
Conceptual Framework
7. Prescribes expenses to be reported in the same period as the revenues that were eared as a result of the expenses. Also called the Matching Principle.
Classified Balance Sheet
Debtors
Expense Recognition Principle
Passive Income
8. A tax deferred account that allows individuals to plan for their retirement.
Debit
IRA (Individual Retirement Account)
Stock
Recordkeeping
9. Consecutive 12-month (or 52 week) period chosen as the organization's annual accounting period.
Posting
Contra Account
Fiscal Year
Current Liabilities
10. Income from investments - including dividends - interest - or the sale of a property.
Portfolio Income
Unearned Revenues
SEC (Securites and Exchange Commision)
Shares
11. Earning received from rental property or other business activity where the individual is not actively involved (such as royalties from publishing a book)
Long Term Liabilities
International Accounting Standards Board
Passive Income
Internal transactions
12. 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
NASDAQ
SEC (Securites and Exchange Commision)
Conceptual Framework
General Journal
13. Tool used to show the effects of transactions and events on individual accounts.
Debit
Cost-benefit Constraint
Fiscal Year
T Account
14. Happenings that both affect an organization's financial position and can be reliably measured.
Events
NASDAQ
Book Value
Shares
15. A financial shortage that occurs when liabilities exceed assets or when cash inflows are less than cash outflows.
Current Ratio
Accounting Equation
Auditors
Deficit
16. A corporation's basic ownership share.
Accounting Period
Full Disclosure Principle
Discretionary Income
Common Stock
17. Unincorporated association of two or more persons to pursue a business for profit as co-owners.
Stock
Expenses
Matching Principle (or Expense Recognition Principle)
Partnership
18. Long Term assets (resources) used to produce or sell products or services. Usually lack physical form and have uncertain benefits.
Conceptual Framework
Intangible assets
Compound Journal Entries
Sole Propietorship
19. Sources of information in accounting entries that can be in either paper or electronic form. Also called business papers.
Source Documents
Long Term Investments
Recordkeeping
Discretionary Income
20. Individuals or organizations that owe money.
Debtors
Current Liabilities
Portfolio Income
Owner Investment
21. Financial instruments such as stocks - bonds - and mutual funds that are traded in a stock exchange.
Journal
Securities
Net Loss
Accrued Revenues
22. Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.
NASDAQ
Double Entry Accounting
International Financial Reporting Standards
Adjusting Entry
23. List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.
Post Closing Trial Balance
Creditors
Present Value
Plant Assets
24. Financial statement that lists types and dollar amounts of assets - liabilities - and equity at a specific date.
Sole Proprietorship
Unsecured Loan
Balance Sheet
IRA (Individual Retirement Account)
25. 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.
Accounting Cycle
Temporary Accounts
Contra Account
International Financial Reporting Standards
26. The part of accounting that involves recording transactions and events either manually or electronically. Also called Bookkeeping.
Recordkeeping
Creditors
Debit
Adjusting Entry
27. A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts.
Posting Reference Column
Bookkeeping
Interim Financial Statements
NASDAQ
28. List of accounts and balances prepared after period-end adjustments are recorded and posted.
Adjusted Trial Balance
Financial Accounting
Common Stock
CD (Certificate of Deposit)
29. Entries recorded at the end of each accounting period to transfer end of period balances in revenue - gain - expense - loss - and withdrawal (dividend for a corporation) accounts to the capital account (to retain earnings for a corporation).
Statement of Owner's Equity
Liabilities
Closing Entries
Return
30. 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.
NYSE (New York Stock Exchange)
General Journal
Managerial Accounting
T Account
31. The combining of two or more comapnies into one larger company.
Creditors
Mergers
Unsecured Loan
Ethics
32. An investment scam that uses the assets from new investors to make payments to older investors. Named after Charles Ponzi who used the technique in the early 1900s to defraud thousands of investors.
Expenses
Intangible assets
Ponzi Scheme
Liabilities
33. Record in which trans actions are entered before they are posted to ledger accounts; also called the book of original entry.
IPO
Journal
Working Papers
Current Assets
34. Record of money deposited in a financeial instution for a state time perio at a fixe interest rate.
Debt Ratio
CD (Certificate of Deposit)
Acquisition
Unearned Revenues
35. Accounting information is based on cost with potential subsequent adjustments to fair value.
Owner Withdrawals
Shareholders
Securities
Measurement Principle
36. Area of accounting aimed mainly at serving the decision-making needs of internal users.
Profit Margin
Managerial Accounting
Natural Business Years
Pro Forma Financial Statement
37. Principle that assumes transactions and events can be expressed in money units.
Owner - Capital
Monetary Unit Assumption
Managerial Accounting
Ponzi Scheme
38. Income that is available after all of the essential financial commitments have been paid.
Discretionary Income
Closing Entries
Portfolio Income
Journalizing
39. A contract (usually drawn up by a lawyer) that staes how the partnership will be organized.
Journalizing
Generally Accepted Accounting Principles
Partnership Agreement
Auditors
40. Independent group of full-time members responsible for setting accounting rules.
Credit
Financial Accounting Standards Board
Going-concern Assumptions
Ethics
41. Prescribes expenses to be reported in the same period as the revenues that were eared as a result of the expenses. Also called the Expense Recognition Principle.
Measurement Principle
Matching Principle
Assets
Partnership
42. Assets = Liabilities + Equity; Equity equals [Owner capital - owner withdrawal + revenue - expenses] for a non-corporation; Equity equals [Contributed capital - retained earnings + revenue - expenses] for a corporation where dividends are subtracted
Business Entity Assumption
Expenses
Expanded Accounting Equation
Balance Column Account
43. Necessary end of period steps to prepare the accounts for recording the transactions of the next period.
Unsecured Loan
Revenue Recognition Principle
Long Term Investments
Closing process
44. Assets put into the business by the owner.
Owner Investment
Current Ratio
Money Market Account
External Users
45. Analyses and other informal reports prepared by accountants and managers when organizing information for formal reports and financial statements.
Working Papers
Natural Business Years
Bailout
Book Value
46. Record within an accounting system in which increases and decreases are entered and stored in a specific asset - liability - equity - revenue - or expense.
SMART Goal
Corporation
Account
Acquisition
47. Accounting system that recognizes revenues when earned and expenses when incurred; the basis for GAAP.
Expanded Accounting Equation
Statement of Owner's Equity
Accrual Basis Accounting
External Transactions
48. Costs incurred in a period that are both unpaid and unrecorded; adjusting entries for recording accrued expenses and increasing liabilities.
Time Period Assumptions
Monetary Unit Assumption
Present Value
Accrued Expenses
49. Accounts that reflect activities related to one or more future periods; balance sheet accounts whose balances are not closed. Also called real accounts.
Cash Basis Accounting
Annual Financial Statements
Permanent Accounts
Double Entry Accounting
50. Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.
Ledger
Expenses
Unearned Revenues
Unadjusted Trial Balance
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