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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. Rules that specify acceptable accounting practices.






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






3. Individuals or organizations that owe money.






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






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






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






7. Balance sheet that broadly groups assets - liabilities - and equity accounts.






8. Activities within an organization that can affect the accounting equation.






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






10. A financial statement that lists cash inflows and cash outflows during a period; arranged by operating - investing - and financing.






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






12. 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.






13. 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.






14. 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






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






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






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






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






19. Prescribes expenses to be reported in the same period as the revenues that were earned as a result of the expenses.






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






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






22. Accounts used to record revenues - expenses - and withdrawals (dividends for a corporation). They are closed at the end of each period.






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






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






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






26. The combining of two or more comapnies into one larger company.






27. Financial statement that lists types and dollar amounts of assets - liabilities - and equity at a specific date.






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






29. Journal entries that affect at least three accounts.






30. Accounting system that recognizes revenues when cash is received and records expenses when cash is paid.






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






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






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






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






35. Independent group of full-time members responsible for setting accounting rules.






36. Record of money deposited in a financeial instution for a state time perio at a fixe interest rate.






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






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






39. Ratio of total liabilities to total assets; used to reflect risk associated with a company's debts.






40. Long Term assets (resources) used to produce or sell products or services. Usually lack physical form and have uncertain benefits.






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






42. 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






43. Income from investments - including dividends - interest - or the sale of a property.






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






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






46. Resources that a company owns or controls that are expected to provide current and future benefits to the business.






47. Business owned by two or more people.






48. A federal agency that is responsible for regulating the securities industry an enforcing federal securites laws.






49. Individuals hired to review financial reports and information systems of organizations.






50. Record containing all accounts (with amounts) for a business.