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






2. Lists all accounts and their balances






3. Close the revenues account - Close the expense account - Close the income summary account - Close the dividends account






4. The amount allocated to any one accounting period.






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






6. International Accounting Standards Board.






7. Decreases






8. A net loss occurs






9. Their related asset accounts on the balance sheet






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






11. 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






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






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






14. Postponement of recognition of an expense already paid.






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






16. Summarizes revenues earned and expenses incurred by a business over an accounting period. (Shows whether a business achieved its profitability goal)...Revenues - Expenses - Income taxes






17. Contributed Capital + Retained Earnings

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






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






20. Focuses on assigning a monetary value to a business transaction and accounting for assets and liabilities.






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






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






23. 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.






24. Decreases






25. A temporary account that summarizes all revenues and expenses for the period.






26. Cash account






27. Accounting Equation






28. Forces a monetary value to a business transaction and accounting for the assets and liabilities that result from the transaction.






29. Sole worker of your business






30. Revenues - Expenses






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

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






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






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






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






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






37. Shows the changes in RE over an accounting period.






38. People that estimate various things






39. Contains only balance sheet accounts.






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






41. At a specific point in time (Certain Date)....Assets - Liabilities - Stockholder's equity.






42. The ability to have enough cash to pay debts when they are due.






43. Payments received in advance - and deposits made on goods and services






44. Increases






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






46. Accounting periods of less than a year.






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






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






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






50. Accounting for revenues in the period in which cash is received and for expenses in the period where cash is paid. More closely related to the goal of liquidity.







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