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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. 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.






2. Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.






3. Principle that assumes transactions and events can be expressed in money units.






4. Equality involving a company's assets - liabilities - and equity; Assets = Liabilities + Equity






5. 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).






6. 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.






7. The money left over when income exceeds expenditure.






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






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






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






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






12. Balance sheet that presents assets and liabilities in relevant subgroups - including current and non-current classifications.






13. Business owned by a single person.






14. Temporary account used only in the closing process to which the balances of revenue and expense accounts (including any gains or losses) are transferred. Its balance is transferred to the capital account (or retained earnings for a corporation).






15. Resources that a company owns or controls that are expected to provide current and future benefits to the business.






16. 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






17. Group that identifies preferred accounting practices and encourages global acceptance; issues the International Financial Reporting Standards.






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






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






20. Assets put into the business by the owner.






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






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






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






24. Excess of expenses over revenues for a period.






25. Process of transferring journal entry information to the ledger; computerized systems automate this process.






26. 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






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






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






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






30. Business owned by two or more people.






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






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






33. Persons using accounting information who are directly involved in managing the organization.






34. Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.






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






36. Equity of a corporation divided into ownership units that usually give dividends. Also called Stock.






37. The first time a company sells shares of its stock to the public.






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

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39. Expense created by allocating the cost of plant and equipment to periods in which they are used. Represents the expense of using the asset.






40. Happenings that both affect an organization's financial position and can be reliably measured.






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






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






43. Accounting principle that prescribes financial statement information to be based on actual costs incurred in business transactions.






44. A written framework to guide the development - preparation - and interpretation of financial accounting information.






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






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






47. List of accounts used by a company' includes and identification number for each account.






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






49. Method that allocates an equal portion of the depreciable cost of plant asset (cost minus salvage) to each accounting period in its useful life.






50. Goals that are specific - measurable - attainable - realistic - and time bound.






Can you answer 50 questions in 15 minutes?



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