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






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






3. The central bank of the United States - with 12 Federal Reserve branch banks located in major cities throughout the nation. It helps to regulate the US monetary and banking system.






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






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






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






7. A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts.






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






9. List of accounts and their balances at a point in time; total debit balances must equal total credit balances.






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






11. The principle prescribing that revenue is recognized when earned.






12. 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).






13. Information and measurement system that identifies - records - and communicates relevant information about a company's business activities.






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






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






16. A corporation's basic ownership share.






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






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






19. Costs incurred in a period that are both unpaid and unrecorded; adjusting entries for recording accrued expenses and increasing liabilities.






20. Outflows or using up of assets as part of operations of business to generate sales.






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






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






23. 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.






24. A tax deferred account that allows individuals to plan for their retirement.






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






26. 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


27. Optional entries recorded at the beginning of a period that prepare the accounts for the usual journal entries as if adjusting entries had not occurred in the prior period.






28. Excess of expenses over revenues for a period.






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






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






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






32. Analyses and other informal reports prepared by accountants and managers when organizing information for formal reports and financial statements.






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






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






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






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






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






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






39. Exchanges of economic value between one entity and another entity.






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






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






42. Accounts that reflect activities related to one or more future periods; balance sheet accounts whose balances are not closed. Also called real accounts.






43. Balance sheet that broadly groups assets - liabilities - and equity accounts.






44. Monies (or sums of money) received from an investment; often in percent form.






45. Assets put into the business by the owner.






46. A legal entity that is seperate from its owners.






47. Tangible long lived assets used to produce or sell products and services; also called property - plant - and equipment or fixed assets.






48. Record of money deposited in a financeial instution for a state time perio at a fixe interest rate.






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






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







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