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






2. Equity of a corporation divided into ownership units that usually give dividends. Also called Stock.






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






4. Analyses and other informal reports prepared by accountants and managers when organizing information for formal reports and financial statements.






5. Accounting system that recognizes revenues when earned and expenses when incurred; the basis for GAAP.






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






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






8. Expenses that remain the same regardless of the circumstances.






9. 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.






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






11. Code of conduct by which actions are judged as right or wrong - fair or unfair - honest or dishonest.






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






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






16. Goals that are specific - measurable - attainable - realistic - and time bound.






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






18. 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.






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






20. 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






21. Necessary end of period steps to prepare the accounts for recording the transactions of the next period.






22. Accounts used to record revenues - expenses - and withdrawals (dividends for a corporation). They are closed at the end of each period.






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






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






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






26. Information and measurement system that identifies - records - and communicates relevant information about a company's business activities.






27. 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






28. Process of recording transactions in a journal.






29. 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.






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






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






32. Prescribes that accounting for items that significantly impact a financial statement and any inferences from them adhere strictly to GAAP.






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






34. Individuals or organizations entitled to receive payments






35. Happenings that both affect an organization's financial position and can be reliably measured.






36. Tangible long lived assets used to produce or sell products and services; also called property - plant - and equipment or fixed assets.






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






38. Principle that assumes transactions and events can be expressed in money units.






39. Activities within an organization that can affect the accounting equation.






40. Long Term assets (resources) used to produce or sell products or services. Usually lack physical form and have uncertain benefits.






41. Income from investments - including dividends - interest - or the sale of a property.






42. Individuals hired to review financial reports and information systems of organizations.






43. Individuals or organizations that owe money.






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






45. Ratio reflecting operating efficiency; defined as net income divided by average total assets for that period.






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






47. The money left over when income exceeds expenditure.






48. Financial statements covering one-year period; often based on a calendar year - but any consecutive 12-month (or 52 week) period is acceptable.






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






50. 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.







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