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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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Match each statement with the correct term.
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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. 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.
International Financial Reporting Standards
Matching Principle
Return
Unclassified Balance Sheets
2. List of accounts and balances prepared after period-end adjustments are recorded and posted.
SEC (Securites and Exchange Commision)
Statement of Cash Flows
Adjusted Trial Balance
Closing Entries
3. Exchanges of economic value between one entity and another entity.
External Transactions
Sarbanes-Oxley Act (SOX)
Conceptual Framework
Owner Withdrawals
4. Business owned by a single person.
Unclassified Balance Sheets
Sole Propietorship
Depreciation
Work Sheet
5. Report of changes in equity over a period; adjusted for increases and for decreases.
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6. 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.
Expense Recognition Principle
Varaiable Expense
Preferred Stock
Unadjusted Trial Balance
7. Prescribes expenses to be reported in the same period as the revenues that were earned as a result of the expenses.
Matching Principle (or Expense Recognition Principle)
Book Value
Current Liabilities
Sole Propietorship
8. Tangible long lived assets used to produce or sell products and services; also called property - plant - and equipment or fixed assets.
Ethics
Financial Accounting Standards Board
Revenue Recognition Principle
Plant Assets
9. Ratio used to evaluate a company's ability to pay its short term obligations - calculated by dividing current assets by current liabilities.
Stock
Accrued Revenues
Debt Ratio
Current Ratio
10. A federal agency that is responsible for regulating the securities industry an enforcing federal securites laws.
Unclassified Balance Sheets
Operating Cycle
Owner Investment
SEC (Securites and Exchange Commision)
11. A written framework to guide the development - preparation - and interpretation of financial accounting information.
Ledger
Financial Accounting Standards Board
Conceptual Framework
Temporary Accounts
12. Process of transferring journal entry information to the ledger; computerized systems automate this process.
Posting
Sole Proprietorship
Shareholders
Pro Forma Financial Statement
13. Principle that prescribes financial statements to reflect the assumption that the business will continue operating.
Going-concern Assumptions
Statement of Owner's Equity
Common Stock
Debt Ratio
14. Analyses and other informal reports prepared by accountants and managers when organizing information for formal reports and financial statements.
Working Papers
Prepaid Expenses
Ponzi Scheme
Partnership
15. 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.
Long Term Liabilities
NYSE (New York Stock Exchange)
Income Summary
Straight-line Depreciation Method
16. Obligations due to be paid or settled within one year or the company's operating cycle - whichever is longer.
Current Liabilities
Journalizing
Going-concern Assumptions
Equity
17. Accounting system that recognizes revenues when earned and expenses when incurred; the basis for GAAP.
Statement of Owner's Equity
Accrual Basis Accounting
Ponzi Scheme
Cost-benefit Constraint
18. A legal entity that is seperate from its owners.
Corporations
Financial Accounting
Long Term Investments
International Financial Reporting Standards
19. Length of time covered by financial statements; also called reporting period.
Audit
Ledger
Liabilities
Accounting Period
20. Expense created by allocating the cost of plant and equipment to periods in which they are used. Represents the expense of using the asset.
Posting Reference Column
Depreciation
Current Liabilities
NASDAQ
21. 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
NASDAQ
Intangible assets
Common Stock
Pro Forma Financial Statement
22. A type of savings account that offers higher interest rates - with higher minimum deposit levels than a regular savings account.
Post Closing Trial Balance
Money Market Account
Fixed Expense
International Financial Reporting Standards
23. Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.
Statement of Cash Flows
Double Entry Accounting
Bonds
Portfolio Income
24. The act one corporation acquiring another through the purchase of its shares - or by purchasing its assets.
Acquisition
Post Closing Trial Balance
Accrual Basis Accounting
Profit Margin
25. Principle that requires a business to be accounted for separately from its owner(s) and from any other entity.
Business Entity Assumption
Current Liabilities
Fiscal Year
Prepaid Expenses
26. Owners of a corporation who usually receive dividends. Also called shareholders.
Ponzi Scheme
Stockholders
Unclassified Balance Sheets
Source Documents
27. All purpose journal for recording the debits and credits of transactions and events.
Matching Principle
Ethical Dilemma
General Journal
Owner Withdrawals
28. 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).
Natural Business Years
Post Closing Trial Balance
Federal Reserve System
Closing Entries
29. Costs incurred in a period that are both unpaid and unrecorded; adjusting entries for recording accrued expenses and increasing liabilities.
Shares
Accounting Period
SMART Goal
Accrued Expenses
30. Prescribes that accounting for items that significantly impact a financial statement and any inferences from them adhere strictly to GAAP.
Common Stock
Ethics
Materiality Constraint
Straight-line Depreciation Method
31. 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
Corporation
Journal
Expanded Accounting Equation
Work Sheet
32. Individuals or organizations entitled to receive payments
Ethical Dilemma
Shares
Credit
Creditors
33. A loan that is not backed by collateral - but by the promise of the borrower to repay it.
Income Statement
Creditors
Work Sheet
Unsecured Loan
34. Business owned by one person that is not organized as a corporation.
Risk Tolerance
Sole Proprietorship
Business Entity Assumption
Accounting Cycle
35. Loaning or giving money to a business in orer to save it from bankruptcy.
Present Value
Shareholders
Internal transactions
Bailout
36. Income from investments - including dividends - interest - or the sale of a property.
Portfolio Income
Posting Reference Column
Shareholders
CD (Certificate of Deposit)
37. Long Term assets (resources) used to produce or sell products or services. Usually lack physical form and have uncertain benefits.
Conceptual Framework
Unadjusted Trial Balance
Intangible assets
Income Statement
38. Persons using accounting information who are directly involved in managing the organization.
Partnership
Internal users
Compound Journal Entries
Passive Income
39. Business owned by two or more people.
Contra Account
NASDAQ
Partnership
Sarbanes-Oxley Act (SOX)
40. The value of a future cash steam discounted at the appropriate market interest rate.
Sarbanes-Oxley Act (SOX)
Owner - Capital
Present Value
Owner Withdrawals
41. List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.
Portfolio Income
Post Closing Trial Balance
Ethics
Compound Journal Entries
42. Federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public.
Ethical Dilemma
Annual Financial Statements
Securities and Exchange Commission
Post Closing Trial Balance
43. Assets pulled out of the business by the owner.
Materiality Constraint
Owner Withdrawals
Balance Sheet
Passive Income
44. Independent group of full-time members responsible for setting accounting rules.
T Account
Financial Accounting Standards Board
Present Value
Preferred Stock
45. 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.
Liabilities
Permanent Accounts
Prepaid Expenses
Money Market Account
46. Recorded on the left side; an entry that increases asset and expense accounts - and decreases liability - revenue and most equity accounts. Abbreviated Dr.
Accrual Basis Accounting
Debit
Return
Owner Investment
47. The part of accounting that involves recording transactions and events either manually or electronically. Also called Bookkeeping.
Debt Ratio
Sole Propietorship
Recordkeeping
Partnership Agreement
48. Equality involving a company's assets - liabilities - and equity; Assets = Liabilities + Equity
Sole Propietorship
Accounting Equation
Journalizing
Present Value
49. A business structure that offers membership instead of shares - and combines limited liability protections with the tax from of a partneship.
Partnership
CD (Certificate of Deposit)
Limited Liability Corporation
Work Sheet
50. A loan that is backed by collateral such as cars - houses - or other assets.
Secured Loan
Long Term Investments
Closing process
Straight-line Depreciation Method
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