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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. Accounting information is based on cost with potential subsequent adjustments to fair value.






2. Uncertainty about expected return.






3. Normal time between paying cash for merchandise or employee services and receiving cash from customers.






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






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






6. Exchanges of economic value between one entity and another entity.






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






8. Long term assets not used in operating activities such as notes receivable and investments in stocks and bonds.






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






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






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






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






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






14. Journal entries that affect at least three accounts.






15. 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.






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






17. A loan that is backed by collateral such as cars - houses - or other assets.






18. Assets put into the business by the owner.






19. 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.






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






21. The money left over when income exceeds expenditure.






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






23. 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.






24. Individuals or organizations that owe money.






25. The twelve month period that ends when a company's sales activities are at their lowest point.






26. 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.






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






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






29. A tax deferred account that allows individuals to plan for their retirement.






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






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






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






33. 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.






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






35. Business that is a separate legal entity under state or federal laws with owners called shareholders or stockholders.






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






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






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






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






40. 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.






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






42. A contract (usually drawn up by a lawyer) that staes how the partnership will be organized.






43. Balance sheet that presents assets and liabilities in relevant subgroups - including current and non-current classifications.






44. Tool used to show the effects of transactions and events on individual accounts.






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






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






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






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






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







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