Test your basic knowledge |

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






2. Difference between total debits and total credits (including the beginning balance) for an account.






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






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






5. Account showing the owner's claim on company assets; equals owner investments plus net income (or less net loss) minus owner withdrawals since the company's inception. Also called Equity.






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






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






8. 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.






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






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






11. Assets put into the business by the owner.






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






13. Length of time covered by financial statements; also called reporting period.






14. A financial statement that lists cash inflows and cash outflows during a period; arranged by operating - investing - and financing.






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






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






17. Accounting system that recognizes revenues when cash is received and records expenses when cash is paid.






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






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






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






21. 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.






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






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






24. 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.






25. 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.






26. Business owned by two or more people.






27. Prescribes expenses to be reported in the same period as the revenues that were earned as a result of the expenses.






28. Obligations due to be paid or settled within one year or the company's operating cycle - whichever is longer.






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






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






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






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






33. Process of recording transactions in a journal.






34. Financial statements covering periods of less than one year; usually based on one- - three- - or six-month periods.






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






36. 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.






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






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






39. Principle that prescribes financial statements to reflect the assumption that the business will continue operating.






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






41. List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.






42. 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.






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






44. 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.






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






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






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






48. 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.






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






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests