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






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






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






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






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






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






7. Business owned by two or more people.






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






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






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






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






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






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






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






15. Expenses that remain the same regardless of the circumstances.






16. Cash and other assets expected to be sold - collected - or used within one year or the company's operating cycle - whichever is longer.






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






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






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






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






21. Financial instruments such as stocks - bonds - and mutual funds that are traded in a stock exchange.






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






23. A contract (usually drawn up by a lawyer) that staes how the partnership will be organized.






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






25. A financial shortage that occurs when liabilities exceed assets or when cash inflows are less than cash outflows.






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

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27. The combining of two or more comapnies into one larger company.






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






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






30. Accounting system that recognizes revenues when cash is received and records expenses when cash is paid.






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






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






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






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






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






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






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






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






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






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






41. 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.






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






43. The money left over when income exceeds expenditure.






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






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






46. Journal entries that affect at least three accounts.






47. Process of recording transactions in a journal.






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






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






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







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