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DECA Finance Test Review Questions and Answers 100% Solved
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DECA Finance Test Review Questions and Answers 100% Solved Accountant - an individual who has had specialized training in accounting procedures Accounting - The process of keeping and interpreting financial records Accounting department - a special department responsible for the firm's accou...

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  • October 25, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • DECA
  • DECA

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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
DECA Finance Test Review Questions

and Answers 100% Solved


Accountant - ✔✔an individual who has had specialized training in

accounting procedures

Accounting - ✔✔The process of keeping and interpreting

financial records

Accounting department - ✔✔a special department responsible for the firm's

accounting needs

Accounting system - ✔✔the methods and procedures used in handling a

business's financial information

Accounts receivable - ✔✔Monies owed to a business by its customers

Accrual accounting method - ✔✔A method of accounting that records

transactions at the time they occur even if no money changes hand at the

time

Assets - ✔✔anything of value that a business or individual owns

,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Balance sheet - ✔✔a financial statement that captures the financial

condition of the business at that particular moment

Bookkeeping - ✔✔The step in the accounting process that actually records

the business's financial information

Cash - ✔✔currency and coins

Cash accounting method - ✔✔an accounting method in which income and

expenditures are recorded at the time the money changes hands

Cost of goods - ✔✔the amount of money a business pays for the products

it sells of for the raw materials from which it produces goods to sell

Credit - ✔✔the arrangement by which businesses or individuals can

purchase now and pay later

Creditors - ✔✔Individuals or businesses to whom a business owes money

or from whom it wants it to borrow money

Current liabilities - ✔✔debts that must be paid within a year

Debts - ✔✔amounts of money business or individuals owe to others

Disbursement journal - ✔✔An accounting record for recording daily

expenditures

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Economic forecast - ✔✔a prediction of what may happen in the nations

economy

Expenses - ✔✔The monies that a business spends

Financial statement - ✔✔A summary of accounting information

Fixed assets - ✔✔items of value a business owns that are not expected to

change (buildings)

Income - ✔✔money received by a business or an individual from outside

sources for supplying goods and services to customers

Income statement - ✔✔A financial summary that shows how much money

the business has made or has lost; also called the profit-and-loss statement

Investors - ✔✔those who invest their funds in a business, may be owners

or stockholders

Journal - ✔✔a special book or computer program in which a business's

transactions are recorded in the order in which they occur

Ledger - ✔✔the accounting record for a specific department or area of the

business

Liabilities - ✔✔debts that the business owes

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