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






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






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






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






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






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






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






8. Income that is available after all of the essential financial commitments have been paid.






9. Normal time between paying cash for merchandise or employee services and receiving cash from customers.






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.






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






13. Financial statement that lists types and dollar amounts of assets - liabilities - and equity at a specific date.






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






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






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






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






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






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






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






21. Accounting system that recognizes revenues when earned and expenses when incurred; the basis for GAAP.






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






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






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






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.






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






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






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






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






30. The money left over when income exceeds expenditure.






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






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






33. Business owned by a single person.






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






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.






36. Financial statements covering one-year period; often based on a calendar year - but any consecutive 12-month (or 52 week) period is acceptable.






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.






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






39. List of accounts and balances prepared before accounting adjustments are recorded and posted.






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






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






42. Individuals or organizations entitled to receive payments






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






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






45. Uncertainty about expected return.






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






47. Recorded on the left side; an entry that increases asset and expense accounts - and decreases liability - revenue and most equity accounts. Abbreviated Dr.






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






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






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







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