©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
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
