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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. Excess of expenses over revenues for a period.






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






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






4. 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






5. List of accounts used by a company' includes and identification number for each account.






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






7. An expense that changes from period to perio - such as food or gasoline costs.






8. Financial statements covering periods of less than one year; usually based on one- - three- - or six-month periods.






9. A security representing a share of ownership in a company - providing voting rights - and entitling the holer to a share of the company's success through dividends and/or capital appreciation.






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






11. 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).






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






13. Process of recording transactions in a journal.






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






15. A business structure that offers membership instead of shares - and combines limited liability protections with the tax from of a partneship.






16. Prescribes expenses to be reported in the same period as the revenues that were eared as a result of the expenses. Also called the Expense Recognition Principle.






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






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






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






20. Area of accounting aimed mainly at serving external users.






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






22. Uncertainty about expected return.






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

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






25. The act one corporation acquiring another through the purchase of its shares - or by purchasing its assets.






26. An acronym for the National Association of Securities Dealers Automated Quotations. NASDAQ was founded in 1970 and is the largest electronic stock exchange in the United States. Unlike the NYSE - it has no physical location - existing entirely on cyb






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






28. Federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public.






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






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






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






32. Statements that show the effect of proposed transactions and events as if they had occurred.






33. A loan that is not backed by collateral - but by the promise of the borrower to repay it.






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






35. Long Term assets (resources) used to produce or sell products or services. Usually lack physical form and have uncertain benefits.






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






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






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






39. Independent group of full-time members responsible for setting accounting rules.






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






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






42. Accounts used to record revenues - expenses - and withdrawals (dividends for a corporation). They are closed at the end of each period.






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






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






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






46. 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.






47. Prescribes expenses to be reported in the same period as the revenues that were eared as a result of the expenses. Also called the Matching Principle.






48. Account showing the owner's claim on company assets; equals owner investments plus net income (or less net loss) minus owner withdrawals since the company's inception. Also called Equity.






49. Individuals hired to review financial reports and information systems of organizations.






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







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