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CLEP Financial Accounting

Subjects : clep, 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. Decreases






2. Match expenses with the revenues that they help generate - & vice versa.






3. Postponement of recognition of an expense already paid.






4. Revenues - Expenses






5. Choosing the number of accounting periods






6. When title to merchandise passes from the supplier to the purchaser and creates an obligation to pay.






7. Persuasive evidence of arrangement - Seller's price is fixed or determinable - Product or service has been delivered - Collectibility is reasonably assured






8. Determines that all temporary accounts have zero balances and to double check that total debits = total credits






9. A body of people set up by Congress who protect the public by regulating the issuing - buying - and selling of stocks in the US.






10. Revenue that a company has earned for providing a service but for which it has not billed or been paid by the end of the accounting period.






11. Determines corporate policy - declares dividends and appoints management.






12. Society recognizes you as a partner of your partnership - so if you or they do something stupid - you are bound to that deal.






13. Deals with all techniques accountants use to apply the matching rule: Recording revenue when they are earned - Recording expenses when they are incurred - More closely related to profitability - Adjusting the accounts






14. Revenues that a company has earned but for which no entry has been made in the accounting records






15. Made at the end of accounting period..-They clear revenue - expense accounts - and dividends account of their balances. -Summarize a period's revenue and expenses by transferring the balances of them to the income summary account






16. Their related asset accounts on the balance sheet






17. Net income on the income statement - and profitability comparisons from one accounting period to the next.






18. A net loss occurs






19. A 12 month accounting period (Vary depending on slack seasons)






20. The practice of recording transactions at exchange price at the point of recognition.






21. A separate account that is paired with a related account






22. The net amount - or 'Book Value' of an asset






23. Wages - Interest - and Income taxes that have been incurred but have not been recorded during an accounting period.






24. It's usual balance and is the side (debit or credit) that increases the amount.






25. Lists all accounts and their balances






26. The amount allocated to any one accounting period.






27. Contributed Capital + Retained Earnings

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28. Government Accounting Standards Board - similar to FASB - issues accounting standards for state and local governments.






29. Generally Accepted Accounting Principles - or guidelines for financial accounting.






30. Common Stock + Retained Earnings - Dividends + Revenues - Expenses

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31. Balance sheet accounts - such as cash and accounts payable because they carry their end-of-period balances into the next accounting period






32. Unless there is evidence to the contrary - the accountant assumed that the business will continue to operate indefinitely






33. International Accounting Standards Board.






34. The predetermined time at which a transaction should be recorded.






35. Deferral of an expense! (Except land)






36. The estimation of business's net income in terms of accounting periods.






37. Accounting Equation






38. Separate legal entities - and the corporation can enter contracts and also be sued. Stockholder's cannot be sued.






39. Cash account






40. Companies present annual financial statements on the assumption that the business will continue to operate indefinitely






41. Payments of rent - insurance - supplies - and the depreciation of plant and equipment






42. Selling goods and services to customers - employing managers and workers.






43. As an expense and the corresponding liability accumulate.






44. Customer buys a service - company pays an employee for service - company performs service






45. People that estimate various things






46. The difficulty of deciding when a business transaction should be recorded






47. Accounting periods of less than a year.






48. Working totals






49. Sole worker of your business






50. customer inquires about availability of service -company hires new employee -company signs contract to provide service in future







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Can you answer 50 questions in 15 minutes?


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