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CLEP Financial Accounting
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CLEP Financial Accounting
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25 Questions

1. Balance sheet accounts - such as cash and accounts payable because they carry their end-of-period balances into the next accounting period

2. The difficulty of deciding when a business transaction should be recorded

3. Choosing the number of accounting periods

4. People that estimate various things

5. Cash account

6. The predetermined time at which a transaction should be recorded.

7. Their related asset accounts on the balance sheet

8. The manipulation of revenues and expenses to achieve a specific outcome.

9. A temporary account that summarizes all revenues and expenses for the period.

10. Payments of rent - insurance - supplies - and the depreciation of plant and equipment

11. Financial Accounting Standards Board - Designed by SEC to develop rules on accounting practice.

12. Accounting for revenues in the period in which cash is received and for expenses in the period where cash is paid. More closely related to the goal of liquidity.

13. Summarizes revenues earned and expenses incurred by a business over an accounting period. (Shows whether a business achieved its profitability goal)...Revenues - Expenses - Income taxes

14. Payments received in advance - and deposits made on goods and services

15. Customer buys a service - company pays an employee for service - company performs service

16. Determines corporate policy - declares dividends and appoints management.

17. Deferral of an expense! (Except land)

18. Working totals

19. Generally Accepted Accounting Principles - or guidelines for financial accounting.

20. Unless there is evidence to the contrary - the accountant assumed that the business will continue to operate indefinitely

21. Lists all accounts and their balances

22. Close the revenues account - Close the expense account - Close the income summary account - Close the dividends account

23. Match expenses with the revenues that they help generate - & vice versa.

24. Decreases

25. Society recognizes you as a partner of your partnership - so if you or they do something stupid - you are bound to that deal.

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