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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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study here
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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. 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.
Accrued Expenses
Generally Accepted Accounting Principles
Bonds
Stockholders
2. Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.
Shares
Going-concern Assumptions
Straight-line Depreciation Method
Balance Column Account
3. Principle that assumes transactions and events can be expressed in money units.
Unearned Revenue
Intangible assets
Monetary Unit Assumption
Risk Tolerance
4. Equality involving a company's assets - liabilities - and equity; Assets = Liabilities + Equity
Posting Reference Column
Book Value
Expanded Accounting Equation
Accounting Equation
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).
Recordkeeping
Closing Entries
Reversing Entries
Return on Assets
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.
IRA (Individual Retirement Account)
NYSE (New York Stock Exchange)
Federal Reserve System
International Accounting Standards Board
7. The money left over when income exceeds expenditure.
Owner Withdrawals
Fixed Expense
Accounting Period
Surplus
8. Assets pulled out of the business by the owner.
Assets
Ponzi Scheme
Owner Withdrawals
Source Documents
9. The part of accounting that involves recording transactions and events either manually or electronically. Also called Recordkeeping.
Expense Recognition Principle
Bookkeeping
Money Market Account
Classified Balance Sheet
10. The twelve month period that ends when a company's sales activities are at their lowest point.
Reversing Entries
Unearned Revenue
Unadjusted Trial Balance
Natural Business Years
11. Obligations due to be paid or settled within one year or the company's operating cycle - whichever is longer.
Risk
Current Liabilities
Owner Investment
Sole Propietorship
12. Balance sheet that presents assets and liabilities in relevant subgroups - including current and non-current classifications.
Reversing Entries
Time Period Assumptions
Classified Balance Sheet
Accounting Cycle
13. Business owned by a single person.
Account
Balance Column Account
Preferred Stock
Sole Propietorship
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).
Income Summary
Accounting Period
Varaiable Expense
Intangible assets
15. Resources that a company owns or controls that are expected to provide current and future benefits to the business.
Sarbanes-Oxley Act (SOX)
Assets
Owner Investment
Unearned Revenue
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
Expanded Accounting Equation
Post Closing Trial Balance
Materiality Constraint
Statement of Cash Flows
17. Group that identifies preferred accounting practices and encourages global acceptance; issues the International Financial Reporting Standards.
International Accounting Standards Board
Posting Reference Column
Limited Liability Corporation
Bailout
18. A federal agency that is responsible for regulating the securities industry an enforcing federal securites laws.
Pro Forma Financial Statement
Expenses
SEC (Securites and Exchange Commision)
T Account
19. Record containing all accounts (with amounts) for a business.
Ledger
Depreciation
CD (Certificate of Deposit)
Classified Balance Sheet
20. Assets put into the business by the owner.
Financial Accounting Standards Board
Owner Investment
Bonds
Revenue Recognition Principle
21. Persons using accounting information who are not directly involved in running the organization.
Permanent Accounts
Annual Financial Statements
Accounting Cycle
External Users
22. Tool used to show the effects of transactions and events on individual accounts.
T Account
Income Summary
Return
Expense Recognition Principle
23. A situation in which a person is faced with two convingin yet conflicting alternatives for the solution to a difficult problem.
Net Income
Ethical Dilemma
Debit
Adjusted Trial Balance
24. Excess of expenses over revenues for a period.
Expenses
Net Loss
Stock
Fixed Expense
25. Process of transferring journal entry information to the ledger; computerized systems automate this process.
Accounting Cycle
Time Period Assumptions
Posting
Cost Principle
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
IPO
Sarbanes-Oxley Act (SOX)
Current Liabilities
Monetary Unit Assumption
27. Ratio of a company's net income to its net sales. The percent of income in each dollar of revenue.
Natural Business Years
Profit Margin
Stock
Money Market Account
28. A financial statement that lists cash inflows and cash outflows during a period; arranged by operating - investing - and financing.
Partnership
Temporary Accounts
Accounting Equation
Statement of Cash Flows
29. Accounting information is based on cost with potential subsequent adjustments to fair value.
Measurement Principle
Bookkeeping
NYSE (New York Stock Exchange)
Revenues
30. Business owned by two or more people.
Full Disclosure Principle
Liabilities
Partnership
Cash Basis Accounting
31. Owners of a corporation who usually receive dividends. Also called stockholders.
Chart of Accounts
Shareholders
Book Value
Shares
32. A loan that is backed by collateral such as cars - houses - or other assets.
Credit
Long Term Liabilities
Going-concern Assumptions
Secured Loan
33. Persons using accounting information who are directly involved in managing the organization.
T Account
Internal users
Net Loss
Stock
34. Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.
Financial Accounting
Revenue Recognition Principle
Unearned Revenue
Income Summary
35. Difference between total debits and total credits (including the beginning balance) for an account.
Balance Column Account
Assets
Accrual Basis Accounting
Account Balance
36. Equity of a corporation divided into ownership units that usually give dividends. Also called Stock.
Shares
CD (Certificate of Deposit)
Accounting Period
Partnership
37. The first time a company sells shares of its stock to the public.
IPO
Measurement Principle
Unclassified Balance Sheets
Depreciation
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.
Assets
Depreciation
Prepaid Expenses
Balance Sheet
40. Happenings that both affect an organization's financial position and can be reliably measured.
Events
Debt Ratio
Operating Cycle
Fixed Expense
41. Record in which trans actions are entered before they are posted to ledger accounts; also called the book of original entry.
Journal
Closing Entries
Contra Account
Posting Reference Column
42. Assumption that an organization's activities can be divided into specific time periods such as months - quarters - or years.
Equity
Intangible assets
Time Period Assumptions
NYSE (New York Stock Exchange)
43. Accounting principle that prescribes financial statement information to be based on actual costs incurred in business transactions.
Conceptual Framework
Cost Principle
Owner - Capital
Federal Reserve System
44. A written framework to guide the development - preparation - and interpretation of financial accounting information.
Sarbanes-Oxley Act (SOX)
Partnership
Depreciation
Conceptual Framework
45. An expense that changes from period to perio - such as food or gasoline costs.
Plant Assets
Varaiable Expense
Journal
Temporary Accounts
46. Business that is a separate legal entity under state or federal laws with owners called shareholders or stockholders.
Balance Column Account
Expenses
Corporation
Risk
47. List of accounts used by a company' includes and identification number for each account.
Recordkeeping
Chart of Accounts
Work Sheet
Net Loss
48. Statements that show the effect of proposed transactions and events as if they had occurred.
Depreciation
NYSE (New York Stock Exchange)
Pro Forma Financial Statement
Post Closing Trial Balance
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.
External Transactions
CD (Certificate of Deposit)
Straight-line Depreciation Method
Classified Balance Sheet
50. Goals that are specific - measurable - attainable - realistic - and time bound.
Full Disclosure Principle
Accounting Cycle
Long Term Liabilities
SMART Goal
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