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. 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


2. A written framework to guide the development - preparation - and interpretation of financial accounting information.






3. The twelve month period that ends when a company's sales activities are at their lowest point.






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






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






6. 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.






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






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






9. Business owned by one person that is not organized as a corporation.






10. Tangible long lived assets used to produce or sell products and services; also called property - plant - and equipment or fixed assets.






11. Financial statements covering periods of less than one year; usually based on one- - three- - or six-month periods.






12. Individuals or organizations that owe money.






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






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






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






16. 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






17. Spreadsheets used to draft an unadjusted trial balance - adjusting entries - adjusted trial balance - and financial statements.






18. Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.






19. Individuals or organizations entitled to receive payments






20. Business owned by two or more people.






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






22. The first time a company sells shares of its stock to the public.






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






24. The money left over when income exceeds expenditure.






25. Analyses and other informal reports prepared by accountants and managers when organizing information for formal reports and financial statements.






26. Analysis and report of an organization's accounting system - its records - and its reports using various tests.






27. Prescribes that accounting for items that significantly impact a financial statement and any inferences from them adhere strictly to GAAP.






28. A meausre if an investor's ability to cope with fluctations in the value of their portfolio.






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






30. Owners of a corporation who usually receive dividends. Also called stockholders.






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






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






33. 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.






34. Earning received from rental property or other business activity where the individual is not actively involved (such as royalties from publishing a book)






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






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






37. Cash and other assets expected to be sold - collected - or used within one year or the company's operating cycle - whichever is longer.






38. A corporation's basic ownership share.






39. Journal entry at the end of an accounting period to bring an asset or liability account to its proper amount and update the related expenses or revenue account.






40. A tax deferred account that allows individuals to plan for their retirement.






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






42. 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.






43. Excess of expenses over revenues for a period.






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






45. Record within an accounting system in which increases and decreases are entered and stored in a specific asset - liability - equity - revenue - or expense.






46. Exchanges of economic value between one entity and another entity.






47. Group that identifies preferred accounting practices and encourages global acceptance; issues the International Financial Reporting Standards.






48. Business owned by a single person.






49. 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.






50. List of accounts and their balances at a point in time; total debit balances must equal total credit balances.







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