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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. Business owned by one person that is not organized as a corporation.






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






3. Area of accounting aimed mainly at serving external users.






4. 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.






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






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






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






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






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






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






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






12. 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.






13. Rules that specify acceptable accounting practices.






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






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






16. 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.






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






18. 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.






19. Income from investments - including dividends - interest - or the sale of a property.






20. A federal agency that is responsible for regulating the securities industry an enforcing federal securites laws.






21. Tool used to show the effects of transactions and events on individual accounts.






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






23. Code of conduct by which actions are judged as right or wrong - fair or unfair - honest or dishonest.






24. Equity of a corporation divided into ownership units that usually give dividends. Also called Shares.






25. Assets = Liabilities + Equity; Equity equals [Owner capital - owner withdrawal + revenue - expenses] for a non-corporation; Equity equals [Contributed capital - retained earnings + revenue - expenses] for a corporation where dividends are subtracted






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






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






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






29. Excess of expenses over revenues for a period.






30. Creditors' claims on an organization's assets; involves a probable future payment of assets - products - or services that a company is obligated to make due to past transactions or events.






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






32. Entries recorded at the end of each accounting period to transfer end of period balances in revenue - gain - expense - loss - and withdrawal (dividend for a corporation) accounts to the capital account (to retain earnings for a corporation).






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






34. Journal entries that affect at least three accounts.






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

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






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






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






39. Prescribes that accounting for items that significantly impact a financial statement and any inferences from them adhere strictly to GAAP.






40. Items paid for in advance of receiving their benefits. Classified as assets.






41. Activities within an organization that can affect the accounting equation.






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






43. Long term assets not used in operating activities such as notes receivable and investments in stocks and bonds.






44. Statements that show the effect of proposed transactions and events as if they had occurred.






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






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






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






48. An expense that changes from period to perio - such as food or gasoline costs.






49. List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.






50. Debt securities that are issued by a borrower to raise capital . Bonds guarantee payments of the original amount borrowe plus interest and/or repayable on a fixed rate when the bond matures.







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