SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
DSST Principles Of Finance
Start Test
Study First
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.
General Journal
Net Loss
Compound Journal Entries
Partnership
2. Tool used to show the effects of transactions and events on individual accounts.
Posting
Equity
Ethics
T Account
3. Accounts that reflect activities related to one or more future periods; balance sheet accounts whose balances are not closed. Also called real accounts.
Corporations
Work Sheet
Cost Principle
Permanent 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
Equity
Income Summary
Expanded Accounting Equation
International Accounting Standards Board
5. List of accounts used by a company' includes and identification number for each account.
Present Value
Chart of Accounts
Plant Assets
Generally Accepted Accounting Principles
6. Record within an accounting system in which increases and decreases are entered and stored in a specific asset - liability - equity - revenue - or expense.
Account
Common Stock
Stock
Balance Sheet
7. An expense that changes from period to perio - such as food or gasoline costs.
Unclassified Balance Sheets
Varaiable Expense
Account
Measurement Principle
8. Financial statements covering periods of less than one year; usually based on one- - three- - or six-month periods.
Interim Financial Statements
Temporary Accounts
Partnership Agreement
Adjusting Entry
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.
Bailout
Expenses
Common Stock
Annual Financial Statements
10. Exchanges of economic value between one entity and another entity.
Portfolio Income
External Transactions
Account
Debt Ratio
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).
Income Summary
Posting Reference Column
Unearned Revenue
Ponzi Scheme
12. Loaning or giving money to a business in orer to save it from bankruptcy.
Conceptual Framework
Bailout
Accounting
NYSE (New York Stock Exchange)
13. Process of recording transactions in a journal.
Profit Margin
Journalizing
Closing Entries
Statement of Owner's Equity
14. Ratio of a company's net income to its net sales. The percent of income in each dollar of revenue.
Profit Margin
Portfolio Income
Intangible assets
Limited Liability Corporation
15. A business structure that offers membership instead of shares - and combines limited liability protections with the tax from of a partneship.
Balance Sheet
Generally Accepted Accounting Principles
Intangible assets
Limited Liability Corporation
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.
Assets
Surplus
Liabilities
Matching Principle
17. A tax deferred account that allows individuals to plan for their retirement.
Adjusted Trial Balance
IRA (Individual Retirement Account)
Equity
Profit Margin
18. Owners of a corporation who usually receive dividends. Also called shareholders.
Stockholders
Intangible assets
Expenses
CD (Certificate of Deposit)
19. Activities within an organization that can affect the accounting equation.
Journal
Intangible assets
Internal transactions
Ethical Dilemma
20. Area of accounting aimed mainly at serving external users.
SMART Goal
Source Documents
NASDAQ
Financial Accounting
21. Analyses and other informal reports prepared by accountants and managers when organizing information for formal reports and financial statements.
Net Loss
Account Balance
Working Papers
Current Liabilities
22. Uncertainty about expected return.
Accrued Expenses
Risk
Internal transactions
Expense Recognition Principle
23. Report of changes in equity over a period; adjusted for increases and for decreases.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
24. Financial statement that lists types and dollar amounts of assets - liabilities - and equity at a specific date.
Annual Financial Statements
Temporary Accounts
Balance Sheet
Mergers
25. The act one corporation acquiring another through the purchase of its shares - or by purchasing its assets.
Bailout
Intangible assets
Acquisition
Varaiable Expense
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
Generally Accepted Accounting Principles
Current Ratio
Operating Cycle
NASDAQ
27. Principle that assumes transactions and events can be expressed in money units.
IPO
Internal users
Monetary Unit Assumption
Double Entry Accounting
28. Federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public.
Income Statement
Securities and Exchange Commission
Prepaid Expenses
Shareholders
29. Area of accounting aimed mainly at serving the decision-making needs of internal users.
Matching Principle (or Expense Recognition Principle)
Managerial Accounting
Stock
Unadjusted Trial Balance
30. The combining of two or more comapnies into one larger company.
Corporations
Accounting
Journalizing
Mergers
31. List of accounts and balances prepared after period-end adjustments are recorded and posted.
Journalizing
Stock
Accounting Equation
Adjusted Trial Balance
32. Statements that show the effect of proposed transactions and events as if they had occurred.
Accounting Equation
Materiality Constraint
Managerial Accounting
Pro Forma Financial Statement
33. A loan that is not backed by collateral - but by the promise of the borrower to repay it.
Cash Basis Accounting
Prepaid Expenses
Debt Ratio
Unsecured Loan
34. A legal entity that is seperate from its owners.
Unearned Revenues
Corporations
Accrual Basis Accounting
Ledger
35. Long Term assets (resources) used to produce or sell products or services. Usually lack physical form and have uncertain benefits.
Intangible assets
Materiality Constraint
Source Documents
NYSE (New York Stock Exchange)
36. Expenses that remain the same regardless of the circumstances.
Fixed Expense
Compound Journal Entries
Shareholders
Unclassified Balance Sheets
37. Earning received from rental property or other business activity where the individual is not actively involved (such as royalties from publishing a book)
Passive Income
Securities and Exchange Commission
Debit
Profit Margin
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.
Permanent Accounts
Bailout
Depreciation
Events
39. Independent group of full-time members responsible for setting accounting rules.
Secured Loan
Generally Accepted Accounting Principles
Measurement Principle
Financial Accounting Standards Board
40. Cash and other assets expected to be sold - collected - or used within one year or the company's operating cycle - whichever is longer.
Money Market Account
SEC (Securites and Exchange Commision)
Debt Ratio
Current Assets
41. List of accounts and their balances at a point in time; total debit balances must equal total credit balances.
Adjusting Entry
Trial balance
Events
Federal Reserve System
42. Accounts used to record revenues - expenses - and withdrawals (dividends for a corporation). They are closed at the end of each period.
Temporary Accounts
Liabilities
Balance Sheet
Permanent Accounts
43. A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts.
Operating Cycle
Financial Accounting
Prepaid Expenses
Posting Reference Column
44. List of accounts and balances prepared before accounting adjustments are recorded and posted.
Compound Journal Entries
Unadjusted Trial Balance
SEC (Securites and Exchange Commision)
SMART Goal
45. Resources that a company owns or controls that are expected to provide current and future benefits to the business.
Ledger
Contra Account
Assets
Bookkeeping
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.
NYSE (New York Stock Exchange)
Fiscal Year
Account Balance
Sole Proprietorship
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.
Journal
General Journal
Straight-line Depreciation Method
Expense Recognition 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.
Liabilities
Owner - Capital
Long Term Investments
Sole Proprietorship
49. Individuals hired to review financial reports and information systems of organizations.
Accounting
Corporation
Auditors
Ponzi Scheme
50. Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.
Auditors
Equity
Limited Liability Corporation
Unearned Revenue
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
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests