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Test your basic knowledge |
DSST Principles Of Finance
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Subjects
:
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. Business that is a separate legal entity under state or federal laws with owners called shareholders or stockholders.
Account
Working Papers
Net Income
Corporation
2. Equity of a corporation divided into ownership units that usually give dividends. Also called Shares.
Accrual Basis Accounting
External Transactions
Stock
Full Disclosure Principle
3. 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
Mergers
Preferred Stock
Cost Principle
NYSE (New York Stock Exchange)
4. Recurring steps performed each accounting period - starting with analyzing transactions and continuing through the post closing trial balance (or reversing entries).
Unclassified Balance Sheets
Unearned Revenue
Shareholders
Accounting Cycle
5. Record containing all accounts (with amounts) for a business.
Ledger
Balance Column Account
Financial Accounting
Internal users
6. Prescribes expenses to be reported in the same period as the revenues that were earned as a result of the expenses.
Accounting Period
Annual Financial Statements
Accounting Cycle
Matching Principle (or Expense Recognition Principle)
7. A written framework to guide the development - preparation - and interpretation of financial accounting information.
Conceptual Framework
Mergers
Compound Journal Entries
Corporation
8. Income that is available after all of the essential financial commitments have been paid.
Varaiable Expense
Measurement Principle
Corporation
Discretionary Income
9. Normal time between paying cash for merchandise or employee services and receiving cash from customers.
Reversing Entries
Operating Cycle
Unadjusted Trial Balance
Account
10. Report of changes in equity over a period; adjusted for increases and for decreases.
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11. The first time a company sells shares of its stock to the public.
IPO
Journalizing
Depreciation
Accounting Cycle
12. Assumption that an organization's activities can be divided into specific time periods such as months - quarters - or years.
Time Period Assumptions
Permanent Accounts
Cost Principle
Posting Reference Column
13. Financial statement that lists types and dollar amounts of assets - liabilities - and equity at a specific date.
Balance Sheet
Unsecured Loan
Expense Recognition Principle
Full Disclosure Principle
14. Sources of information in accounting entries that can be in either paper or electronic form. Also called business papers.
Debtors
Compound Journal Entries
Source Documents
Balance Column Account
15. Owners of a corporation who usually receive dividends. Also called stockholders.
Shareholders
Long Term Investments
Portfolio Income
Income Statement
16. Analyses and other informal reports prepared by accountants and managers when organizing information for formal reports and financial statements.
Working Papers
Events
Accounting Period
Business Entity Assumption
17. Consecutive 12-month (or 52 week) period chosen as the organization's annual accounting period.
Mergers
Risk
Owner Investment
Fiscal Year
18. Goals that are specific - measurable - attainable - realistic - and time bound.
Internal users
SMART Goal
Matching Principle (or Expense Recognition Principle)
Equity
19. 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
Unclassified Balance Sheets
Sole Propietorship
Going-concern Assumptions
Sarbanes-Oxley Act (SOX)
20. Long term assets not used in operating activities such as notes receivable and investments in stocks and bonds.
Net Income
Owner Investment
Unearned Revenue
Long Term Investments
21. Accounting system that recognizes revenues when earned and expenses when incurred; the basis for GAAP.
Risk Tolerance
Accrual Basis Accounting
Bookkeeping
Current Assets
22. The value of a future cash steam discounted at the appropriate market interest rate.
Present Value
Trial balance
Secured Loan
Debt Ratio
23. Cash and other assets expected to be sold - collected - or used within one year or the company's operating cycle - whichever is longer.
Current Assets
Monetary Unit Assumption
Source Documents
Chart of Accounts
24. A legal entity that is seperate from its owners.
Equity
Corporations
Adjusted Trial Balance
Internal users
25. 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.
Adjusting Entry
Closing Entries
Monetary Unit Assumption
Intangible assets
26. Area of accounting aimed mainly at serving the decision-making needs of internal users.
Limited Liability Corporation
Prepaid Expenses
Temporary Accounts
Managerial Accounting
27. Group that identifies preferred accounting practices and encourages global acceptance; issues the International Financial Reporting Standards.
Measurement Principle
Operating Cycle
Financial Accounting
International Accounting Standards Board
28. List of accounts and balances prepared after period-end adjustments are recorded and posted.
Unclassified Balance Sheets
Bookkeeping
Pro Forma Financial Statement
Adjusted Trial Balance
29. Unincorporated association of two or more persons to pursue a business for profit as co-owners.
Stockholders
Audit
Expense Recognition Principle
Partnership
30. The money left over when income exceeds expenditure.
Book Value
Surplus
Auditors
Posting
31. Balance sheet that broadly groups assets - liabilities - and equity accounts.
Limited Liability Corporation
Unclassified Balance Sheets
Fiscal Year
Income Statement
32. Ratio of a company's net income to its net sales. The percent of income in each dollar of revenue.
Matching Principle
Events
Profit Margin
Partnership Agreement
33. Business owned by a single person.
Mergers
Account Balance
Sole Propietorship
Debtors
34. A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts.
Managerial Accounting
Common Stock
IPO
Posting Reference Column
35. 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.
Business Entity Assumption
Risk Tolerance
NYSE (New York Stock Exchange)
Measurement Principle
36. Financial statements covering one-year period; often based on a calendar year - but any consecutive 12-month (or 52 week) period is acceptable.
Fiscal Year
Annual Financial Statements
Current 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.
Accrued Revenues
Annual Financial Statements
Bonds
Journalizing
38. The part of accounting that involves recording transactions and events either manually or electronically. Also called Recordkeeping.
Common Stock
Pro Forma Financial Statement
Securities
Bookkeeping
39. List of accounts and balances prepared before accounting adjustments are recorded and posted.
Business Entity Assumption
Compound Journal Entries
Liabilities
Unadjusted Trial Balance
40. Record of money deposited in a financeial instution for a state time perio at a fixe interest rate.
Ethical Dilemma
CD (Certificate of Deposit)
Closing Entries
Partnership
41. Persons using accounting information who are not directly involved in running the organization.
External Users
Common Stock
Events
Operating Cycle
42. Individuals or organizations entitled to receive payments
Annual Financial Statements
Recordkeeping
Creditors
Unsecured Loan
43. A financial shortage that occurs when liabilities exceed assets or when cash inflows are less than cash outflows.
Monetary Unit Assumption
Operating Cycle
Return on Assets
Deficit
44. A loan that is backed by collateral such as cars - houses - or other assets.
Matching Principle
Fixed Expense
Work Sheet
Secured Loan
45. Uncertainty about expected return.
SMART Goal
T Account
Chart of Accounts
Risk
46. Necessary end of period steps to prepare the accounts for recording the transactions of the next period.
IPO
Closing process
Journalizing
Expense Recognition Principle
47. Recorded on the left side; an entry that increases asset and expense accounts - and decreases liability - revenue and most equity accounts. Abbreviated Dr.
Accrual Basis Accounting
Compound Journal Entries
Debit
Classified Balance Sheet
48. Balance sheet that presents assets and liabilities in relevant subgroups - including current and non-current classifications.
Double Entry Accounting
Net Income
Cash Basis Accounting
Classified Balance Sheet
49. The principle prescribing that revenue is recognized when earned.
Current Liabilities
Revenue Recognition Principle
Statement of Owner's Equity
Partnership
50. Costs incurred in a period that are both unpaid and unrecorded; adjusting entries for recording accrued expenses and increasing liabilities.
Deficit
Cost-benefit Constraint
Accrued Expenses
Working Papers
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