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Test your basic knowledge |
DSST Principles Of Finance
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Subjects
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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. The combining of two or more comapnies into one larger company.
Current Ratio
Debt Ratio
Statement of Cash Flows
Mergers
2. Code of conduct by which actions are judged as right or wrong - fair or unfair - honest or dishonest.
Account Balance
Ethics
Expanded Accounting Equation
Posting Reference Column
3. Record in which trans actions are entered before they are posted to ledger accounts; also called the book of original entry.
Shareholders
Cost-benefit Constraint
Journal
Deficit
4. Accounting system that recognizes revenues when earned and expenses when incurred; the basis for GAAP.
Sarbanes-Oxley Act (SOX)
International Financial Reporting Standards
Accrual Basis Accounting
Temporary Accounts
5. Accounts that reflect activities related to one or more future periods; balance sheet accounts whose balances are not closed. Also called real accounts.
Permanent Accounts
Temporary Accounts
Present Value
Statement of Owner's Equity
6. The part of accounting that involves recording transactions and events either manually or electronically. Also called Bookkeeping.
Recordkeeping
T Account
Posting Reference Column
Securities and Exchange Commission
7. List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.
Matching Principle (or Expense Recognition Principle)
Accrued Revenues
Time Period Assumptions
Post Closing Trial Balance
8. Recorded on the right side; an entry that decreases asset and expense accounts - and increases liability - revenue and most equity accounts. Abbreviated Cr.
Closing process
SMART Goal
Credit
Accounting Period
9. Long Term assets (resources) used to produce or sell products or services. Usually lack physical form and have uncertain benefits.
Profit Margin
Contra Account
Intangible assets
Owner Withdrawals
10. A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts.
Unearned Revenue
Auditors
Stock
Posting Reference Column
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.
Owner - Capital
Conceptual Framework
External Users
IRA (Individual Retirement Account)
12. Recurring steps performed each accounting period - starting with analyzing transactions and continuing through the post closing trial balance (or reversing entries).
Stock
Unearned Revenue
Accounting Cycle
Audit
13. Recorded on the left side; an entry that increases asset and expense accounts - and decreases liability - revenue and most equity accounts. Abbreviated Dr.
Preferred Stock
Debit
Securities
Ledger
14. The notion that only information with benefits of disclosure greater than the costs of disclosure need to be disclosed.
Time Period Assumptions
Cost-benefit Constraint
SMART Goal
Expenses
15. The part of accounting that involves recording transactions and events either manually or electronically. Also called Recordkeeping.
Bookkeeping
Portfolio Income
Closing Entries
Time Period Assumptions
16. Process of recording transactions in a journal.
Matching Principle
Net Income
Journalizing
Accounting Equation
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.
Closing Entries
Common Stock
Portfolio Income
Accounting
18. List of accounts used by a company' includes and identification number for each account.
Chart of Accounts
IPO
External Users
Money Market Account
19. Assets pulled out of the business by the owner.
Preferred Stock
Securities and Exchange Commission
Owner Withdrawals
Temporary Accounts
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.
Expenses
Bonds
Debt Ratio
Adjusted Trial Balance
21. Length of time covered by financial statements; also called reporting period.
Sole Propietorship
Accounting Period
Current Assets
Permanent Accounts
22. A federal agency that is responsible for regulating the securities industry an enforcing federal securites laws.
Income Statement
Internal transactions
SEC (Securites and Exchange Commision)
Debtors
23. The act one corporation acquiring another through the purchase of its shares - or by purchasing its assets.
Debit
Post Closing Trial Balance
Acquisition
Ethical Dilemma
24. Outflows or using up of assets as part of operations of business to generate sales.
Expenses
International Financial Reporting Standards
External Transactions
Current Assets
25. A corporation's basic ownership share.
Common Stock
NASDAQ
General Journal
Equity
26. Assets acquisition costs less its accumulated depreciation - depletion - or amortization. Also sometimes used synonymously as the carrying value of an account.
Accounting Equation
Temporary Accounts
Book Value
Creditors
27. Area of accounting aimed mainly at serving external users.
SEC (Securites and Exchange Commision)
Financial Accounting
Long Term Liabilities
Source Documents
28. A loan that is not backed by collateral - but by the promise of the borrower to repay it.
T Account
NASDAQ
Matching Principle (or Expense Recognition Principle)
Unsecured Loan
29. Statements that show the effect of proposed transactions and events as if they had occurred.
Passive Income
Money Market Account
Unclassified Balance Sheets
Pro Forma Financial Statement
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.
Sarbanes-Oxley Act (SOX)
Natural Business Years
Depreciation
Creditors
31. A business structure that offers membership instead of shares - and combines limited liability protections with the tax from of a partneship.
Financial Accounting
Accrued Expenses
Limited Liability Corporation
Work Sheet
32. Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.
Securities and Exchange Commission
Assets
NASDAQ
Double Entry Accounting
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.
Ponzi Scheme
Work Sheet
Liabilities
Time Period Assumptions
34. The value of a future cash steam discounted at the appropriate market interest rate.
Time Period Assumptions
Profit Margin
Revenue Recognition Principle
Present Value
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
Cost Principle
NASDAQ
Fixed Expense
Account Balance
36. A loan that is backed by collateral such as cars - houses - or other assets.
Matching Principle (or Expense Recognition Principle)
Financial Accounting Standards Board
Secured Loan
Double Entry Accounting
37. Income from investments - including dividends - interest - or the sale of a property.
Trial balance
Portfolio Income
Accounting Equation
Securities
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.
SMART Goal
NASDAQ
International Financial Reporting Standards
Balance Sheet
39. Equality involving a company's assets - liabilities - and equity; Assets = Liabilities + Equity
Accrued Expenses
Recordkeeping
Income Summary
Accounting Equation
40. Business owned by two or more people.
IPO
Partnership
Common Stock
Auditors
41. Accounting system that recognizes revenues when cash is received and records expenses when cash is paid.
Mergers
Cash Basis Accounting
Owner Investment
Unsecured Loan
42. Assumption that an organization's activities can be divided into specific time periods such as months - quarters - and years.
Bailout
Time Period Assumptions
Discretionary Income
Ponzi Scheme
43. Business that is a separate legal entity under state or federal laws with owners called shareholders or stockholders.
Annual Financial Statements
Owner Investment
Fixed Expense
Corporation
44. A legal entity that is seperate from its owners.
Reversing Entries
Events
Debt Ratio
Corporations
45. Obligations not due to be paid within one year or the operating cycle - whichever is longer.
Auditors
Net Loss
Adjusting Entry
Long Term Liabilities
46. Unincorporated association of two or more persons to pursue a business for profit as co-owners.
Partnership
Unadjusted Trial Balance
SEC (Securites and Exchange Commision)
Return
47. Financial statement that lists types and dollar amounts of assets - liabilities - and equity at a specific date.
Posting
Balance Sheet
Financial Accounting
Posting Reference Column
48. A financial statement that lists cash inflows and cash outflows during a period; arranged by operating - investing - and financing.
Cost Principle
Cost-benefit Constraint
Contra Account
Statement of Cash Flows
49. The principle prescribing that revenue is recognized when earned.
Federal Reserve System
Monetary Unit Assumption
Going-concern Assumptions
Revenue Recognition Principle
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.
Monetary Unit Assumption
Time Period Assumptions
Accrued Revenues
Return
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