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. The principle prescribing that revenue is recognized when earned.






2. Recurring steps performed each accounting period - starting with analyzing transactions and continuing through the post closing trial balance (or reversing entries).






3. Journal entries that affect at least three accounts.






4. Excess of expenses over revenues for a period.






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






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






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






8. Financial statement that lists types and dollar amounts of assets - liabilities - and equity at a specific date.






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






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






11. 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.






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






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






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






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






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






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






18. Income that is available after all of the essential financial commitments have been paid.






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






20. Record within an accounting system in which increases and decreases are entered and stored in a specific asset - liability - equity - revenue - or expense.






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






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






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






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






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






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






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






28. 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.






29. Accounts that reflect activities related to one or more future periods; balance sheet accounts whose balances are not closed. Also called real accounts.






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






31. List of accounts and their balances at a point in time; total debit balances must equal total credit balances.






32. The notion that only information with benefits of disclosure greater than the costs of disclosure need to be disclosed.






33. Individuals or organizations entitled to receive payments






34. Assumption that an organization's activities can be divided into specific time periods such as months - quarters - and years.






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






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






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






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






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






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






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






42. 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.






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






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






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






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






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






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






49. Business owned by a single person.






50. Report of changes in equity over a period; adjusted for increases and for decreases.

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183



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