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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. 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.






2. 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.






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






4. Financial statements covering one-year period; often based on a calendar year - but any consecutive 12-month (or 52 week) period is acceptable.






5. A loan that is backed by collateral such as cars - houses - or other assets.






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






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






8. Recurring steps performed each accounting period - starting with analyzing transactions and continuing through the post closing trial balance (or reversing entries).






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






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






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






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






13. 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






14. 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.






15. Amount earned after subtracting all expenses necessary for and matched with sales for a period.






16. 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






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






18. Ratio reflecting operating efficiency; defined as net income divided by average total assets for that period.






19. Difference between total debits and total credits (including the beginning balance) for an account.






20. A financial shortage that occurs when liabilities exceed assets or when cash inflows are less than cash outflows.






21. Equity of a corporation divided into ownership units that usually give dividends. Also called Stock.






22. Journal entries that affect at least three accounts.






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






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






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






26. Process of transferring journal entry information to the ledger; computerized systems automate this process.






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

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






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






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






31. Owner's claim on the assets of a business; equals the residual interest in an entity's assets after deducting liabilities. Also called net assets.






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






33. A corporation's basic ownership share.






34. Accounting principle that prescribes financial statement information to be based on actual costs incurred in business transactions.






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






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






37. Revenues earned in a period that both unrecorded and not yet received in cash (or other assets; adjusting entries for recording accrued revenues involve increasing assets and increasing revenues.






38. 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.






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






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






41. 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.






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






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






44. Loaning or giving money to a business in orer to save it from bankruptcy.






45. An expense that changes from period to perio - such as food or gasoline costs.






46. Individuals or organizations entitled to receive payments






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






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






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






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







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