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DSST Principles Of Finance
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DSST Principles Of Finance
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25 Questions

1. Financial instruments such as stocks - bonds - and mutual funds that are traded in a stock exchange.

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

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

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

6. A loan that is not backed by collateral - but by the promise of the borrower to repay it.

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

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

9. List of accounts and balances prepared before accounting adjustments are recorded and posted.

10. 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

11. 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.

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

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

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

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

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

17. Accounting system that recognizes revenues when earned and expenses when incurred; the basis for GAAP.

18. Monies (or sums of money) received from an investment; often in percent form.

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

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

21. Items paid for in advance of receiving their benefits. Classified as assets.

22. 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

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

24. 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.

25. Excess of expenses over revenues for a period.

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