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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. Persons using accounting information who are directly involved in managing the organization.






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






3. Monies (or sums of money) received from an investment; often in percent form.






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






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






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






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






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






9. All purpose journal for recording the debits and credits of transactions and events.






10. Obligations due to be paid or settled within one year or the company's operating cycle - whichever is longer.






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






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






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






14. Journal entries that affect at least three accounts.






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






16. Method that allocates an equal portion of the depreciable cost of plant asset (cost minus salvage) to each accounting period in its useful life.






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






18. 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






19. 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.






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






21. 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.






22. Financial statement that subtracts expenses from revenues to yield a net income or loss over a specified period of time; also includes any gains or losses.






23. Happenings that both affect an organization's financial position and can be reliably measured.






24. 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






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






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






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






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






29. A contract (usually drawn up by a lawyer) that staes how the partnership will be organized.






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






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






32. Gross increase in equity from a company's business activities that earn income.






33. Principle that requires a business to be accounted for separately from its owner(s) and from any other entity.






34. 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






35. A type of savings account that offers higher interest rates - with higher minimum deposit levels than a regular savings account.






36. 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






37. Accounting information is based on cost with potential subsequent adjustments to fair value.






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






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






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






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






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






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






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






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






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






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

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






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






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







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