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Test your basic knowledge |
DSST Principles Of Finance
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Subjects
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dsst
,
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. 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.
Income Statement
Temporary Accounts
Annual Financial Statements
Expanded Accounting Equation
2. 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.
NYSE (New York Stock Exchange)
Account
Surplus
Matching Principle
3. Balance sheet that presents assets and liabilities in relevant subgroups - including current and non-current classifications.
Audit
Classified Balance Sheet
Reversing Entries
Statement of Cash Flows
4. Financial statements covering one-year period; often based on a calendar year - but any consecutive 12-month (or 52 week) period is acceptable.
Annual Financial Statements
Prepaid Expenses
Monetary Unit Assumption
Corporation
5. A loan that is backed by collateral such as cars - houses - or other assets.
Accrued Revenues
Debt Ratio
Secured Loan
External Transactions
6. Obligations due to be paid or settled within one year or the company's operating cycle - whichever is longer.
Posting Reference Column
Account Balance
Current Liabilities
Unsecured Loan
7. Long Term assets (resources) used to produce or sell products or services. Usually lack physical form and have uncertain benefits.
Intangible assets
Full Disclosure Principle
Liabilities
Accounting Cycle
8. Recurring steps performed each accounting period - starting with analyzing transactions and continuing through the post closing trial balance (or reversing entries).
Double Entry Accounting
Sole Propietorship
Accounting Cycle
NASDAQ
9. Accounting system that recognizes revenues when cash is received and records expenses when cash is paid.
Stockholders
Cash Basis Accounting
Liabilities
Common Stock
10. Business that is a separate legal entity under state or federal laws with owners called shareholders or stockholders.
Accounting
Corporation
IRA (Individual Retirement Account)
SMART Goal
11. Persons using accounting information who are not directly involved in running the organization.
Fixed Expense
Partnership
Securities
External Users
12. Method that allocates an equal portion of the depreciable cost of plant asset (cost minus salvage) to each accounting period in its useful life.
Statement of Cash Flows
Income Summary
Straight-line Depreciation Method
Internal transactions
13. Create the Public Company Accounting Oversight Board - regulates analyst conflicts - imposes corporate governance requirements - enhances accounting and control disclosures - impacts insider transactions and executive loans - establishes new types of
Internal transactions
Bookkeeping
Sarbanes-Oxley Act (SOX)
Federal Reserve System
14. 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.
Income Statement
Current Assets
Accounting Period
International Financial Reporting Standards
15. Amount earned after subtracting all expenses necessary for and matched with sales for a period.
Net Income
Matching Principle (or Expense Recognition Principle)
Classified Balance Sheet
Long Term Investments
16. An acronym for the National Association of Securities Dealers Automated Quotations. NASDAQ was founded in 1970 and is the largest electronic stock exchange in the United States. Unlike the NYSE - it has no physical location - existing entirely on cyb
NASDAQ
Accrued Expenses
Managerial Accounting
Return on Assets
17. Analyses and other informal reports prepared by accountants and managers when organizing information for formal reports and financial statements.
Matching Principle (or Expense Recognition Principle)
Monetary Unit Assumption
Working Papers
Account
18. Ratio reflecting operating efficiency; defined as net income divided by average total assets for that period.
Return on Assets
Shareholders
Debt Ratio
Post Closing Trial Balance
19. Difference between total debits and total credits (including the beginning balance) for an account.
Statement of Cash Flows
Journal
Measurement Principle
Account Balance
20. A financial shortage that occurs when liabilities exceed assets or when cash inflows are less than cash outflows.
Posting
Fiscal Year
Deficit
Ponzi Scheme
21. Equity of a corporation divided into ownership units that usually give dividends. Also called Stock.
Risk
Shares
Pro Forma Financial Statement
Credit
22. Journal entries that affect at least three accounts.
Closing Entries
Temporary Accounts
Compound Journal Entries
Return on Assets
23. Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.
Long Term Investments
Posting Reference Column
Unearned Revenue
Managerial Accounting
24. A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts.
Cost-benefit Constraint
SEC (Securites and Exchange Commision)
Posting Reference Column
Liabilities
25. The part of accounting that involves recording transactions and events either manually or electronically. Also called Recordkeeping.
Bailout
Internal transactions
Bookkeeping
Balance Sheet
26. Process of transferring journal entry information to the ledger; computerized systems automate this process.
Posting
Source Documents
Stock
Conceptual Framework
27. Report of changes in equity over a period; adjusted for increases and for decreases.
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28. The first time a company sells shares of its stock to the public.
IPO
Sarbanes-Oxley Act (SOX)
Return on Assets
Money Market Account
29. Financial statements covering periods of less than one year; usually based on one- - three- - or six-month periods.
Trial balance
Interim Financial Statements
Temporary Accounts
Recordkeeping
30. A tax deferred account that allows individuals to plan for their retirement.
IRA (Individual Retirement Account)
Accrual Basis Accounting
International Accounting Standards Board
Balance Sheet
31. 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.
Income Summary
Trial balance
NASDAQ
Equity
32. The combining of two or more comapnies into one larger company.
Account Balance
Net Loss
Securities and Exchange Commission
Mergers
33. A corporation's basic ownership share.
Accounting Equation
Source Documents
Shares
Common Stock
34. Accounting principle that prescribes financial statement information to be based on actual costs incurred in business transactions.
Debt Ratio
Money Market Account
Risk Tolerance
Cost Principle
35. Record containing all accounts (with amounts) for a business.
External Users
Federal Reserve System
Source Documents
Ledger
36. Group that identifies preferred accounting practices and encourages global acceptance; issues the International Financial Reporting Standards.
International Accounting Standards Board
Equity
Plant Assets
Long Term Liabilities
37. 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.
Intangible assets
Balance Sheet
Stock
Accrued Revenues
38. 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.
Fiscal Year
Profit Margin
Adjusting Entry
Partnership
39. The twelve month period that ends when a company's sales activities are at their lowest point.
Ethical Dilemma
Natural Business Years
Unadjusted Trial Balance
Risk
40. Federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public.
Securities and Exchange Commission
T Account
Accrued Expenses
Current Liabilities
41. 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.
Owner - Capital
Debit
Partnership
Money Market Account
42. Income that is available after all of the essential financial commitments have been paid.
Closing Entries
Discretionary Income
Varaiable Expense
Partnership Agreement
43. Owners of a corporation who usually receive dividends. Also called shareholders.
Stockholders
Ethics
Unsecured Loan
Working Papers
44. Loaning or giving money to a business in orer to save it from bankruptcy.
Materiality Constraint
Bailout
Posting
Journal
45. An expense that changes from period to perio - such as food or gasoline costs.
Bailout
Varaiable Expense
Deficit
Chart of Accounts
46. Individuals or organizations entitled to receive payments
Creditors
Contra Account
Return on Assets
Adjusted Trial Balance
47. Independent group of full-time members responsible for setting accounting rules.
Net Income
Generally Accepted Accounting Principles
Financial Accounting Standards Board
Temporary Accounts
48. Record within an accounting system in which increases and decreases are entered and stored in a specific asset - liability - equity - revenue - or expense.
Sole Propietorship
Net Loss
Account
Ponzi Scheme
49. The notion that only information with benefits of disclosure greater than the costs of disclosure need to be disclosed.
SEC (Securites and Exchange Commision)
NASDAQ
Cost-benefit Constraint
Profit Margin
50. Analysis and report of an organization's accounting system - its records - and its reports using various tests.
Expense Recognition Principle
Audit
Journalizing
Varaiable Expense
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