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






2. Process of transferring journal entry information to the ledger; computerized systems automate this process.






3. Ratio used to evaluate a company's ability to pay its short term obligations - calculated by dividing current assets by current liabilities.






4. Loaning or giving money to a business in orer to save it from bankruptcy.






5. 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.






6. 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).






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






8. 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.






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






10. Gross increase in equity from a company's business activities that earn income.






11. Group that identifies preferred accounting practices and encourages global acceptance; issues the International Financial Reporting Standards.






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






13. Earning received from rental property or other business activity where the individual is not actively involved (such as royalties from publishing a book)






14. Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.






15. List of accounts used by a company' includes and identification number for each account.






16. Uncertainty about expected return.






17. Rules that specify acceptable accounting practices.






18. Outflows or using up of assets as part of operations of business to generate sales.






19. Recorded on the left side; an entry that increases asset and expense accounts - and decreases liability - revenue and most equity accounts. Abbreviated Dr.






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






21. Ratio of total liabilities to total assets; used to reflect risk associated with a company's debts.






22. Owners of a corporation who usually receive dividends. Also called stockholders.






23. A financial shortage that occurs when liabilities exceed assets or when cash inflows are less than cash outflows.






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






25. The combining of two or more comapnies into one larger company.






26. Persons using accounting information who are directly involved in managing the organization.






27. Owner's claim on the assets of a business; equals the residual interest in an entity's assets after deducting liabilities. Also called net assets.






28. Creditors' claims on an organization's assets; involves a probable future payment of assets - products - or services that a company is obligated to make due to past transactions or events.






29. Ratio of a company's net income to its net sales. The percent of income in each dollar of revenue.






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






31. Financial statement that subtracts expenses from revenues to yield a net income or loss over a specified period of time; also includes any gains or losses.






32. The act one corporation acquiring another through the purchase of its shares - or by purchasing its assets.






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






34. Monies (or sums of money) received from an investment; often in percent form.






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






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






37. Method that allocates an equal portion of the depreciable cost of plant asset (cost minus salvage) to each accounting period in its useful life.






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






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






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






41. List of accounts and balances prepared after period-end adjustments are recorded and posted.






42. Principle that prescribes financial statements (including notes) to report all relevant information about an entity's operations and financial condition.






43. Individuals or organizations that owe money.






44. Assets pulled out of the business by the owner.






45. The value of a future cash steam discounted at the appropriate market interest rate.






46. A business structure that offers membership instead of shares - and combines limited liability protections with the tax from of a partneship.






47. A corporation's basic ownership share.






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






49. 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.






50. 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







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