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






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






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






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






5. 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.






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






7. Financial statement that subtracts expenses from revenues to yield a net income or loss over a specified period of time; also includes any gains or losses.






8. 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.






9. Consecutive 12-month (or 52 week) period chosen as the organization's annual accounting period.






10. Excess of expenses over revenues for a period.






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






12. A business structure that offers membership instead of shares - and combines limited liability protections with the tax from of a partneship.






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






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






15. Gross increase in equity from a company's business activities that earn income.






16. A situation in which a person is faced with two convingin yet conflicting alternatives for the solution to a difficult problem.






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






18. 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.






19. Business owned by two or more people.






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






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






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






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






24. List of accounts and balances prepared after period-end adjustments are recorded and posted.






25. 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.






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






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






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






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






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






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






32. Area of accounting aimed mainly at serving the decision-making needs of internal users.






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






34. Independent group of full-time members responsible for setting accounting rules.






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






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






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






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






39. The value of a future cash steam discounted at the appropriate market interest rate.






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






41. Record in which trans actions are entered before they are posted to ledger accounts; also called the book of original entry.






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






43. 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


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






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






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






47. Individuals or organizations entitled to receive payments






48. Rules that specify acceptable accounting practices.






49. A security representing partial ownership of the company. It gives the holer priority to dividends over common stock investors. Capital stock that provides a specific dividend - which is paid before any dividends are pai to common stock holders - an






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







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