Test your basic knowledge |

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






2. Code of conduct by which actions are judged as right or wrong - fair or unfair - honest or dishonest.






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






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






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






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






7. List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.






8. Recorded on the right side; an entry that decreases asset and expense accounts - and increases liability - revenue and most equity accounts. Abbreviated Cr.






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






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






11. 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.






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






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






14. The notion that only information with benefits of disclosure greater than the costs of disclosure need to be disclosed.






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






16. Process of recording transactions in a journal.






17. 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.






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






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






20. 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.






21. Length of time covered by financial statements; also called reporting period.






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






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






24. Outflows or using up of assets as part of operations of business to generate sales.






25. A corporation's basic ownership share.






26. Assets acquisition costs less its accumulated depreciation - depletion - or amortization. Also sometimes used synonymously as the carrying value of an account.






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






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






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






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






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






32. Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.






33. Creditors' claims on an organization's assets; involves a probable future payment of assets - products - or services that a company is obligated to make due to past transactions or events.






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






35. 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






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






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






38. Accounting standards set by the IASB which aim to develop a single set of global standards - to promote those standards - and converge national and international standards globally.






39. Equality involving a company's assets - liabilities - and equity; Assets = Liabilities + Equity






40. Business owned by two or more people.






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






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






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






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






45. Obligations not due to be paid within one year or the operating cycle - whichever is longer.






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






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






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






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






50. 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.







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests