WARM-UP Jeopardy Template

Bland

Bitter

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How many units in the ESP Accounting Textbook?

A set of concepts and techniques that are used to measure and report financial information about an economic unit.

This is ...

A. Auditing

B. Financing

C. Accounting

D. Auditing & Accounting

C. Accounting

The examination of transactions and systems that underlie an organization’s financial statements.

This is ...

A. Auditing

B. Financing

C. Accounting

D. Auditing & Accounting

A. Auditing

The formula to calculate the correct score of this subject (TACN7):

Score =

A. (A*4 +7Bs)/11

B. (A*7 + 4Bs)/11

C. (A*4 +7Bs)*11

D. (A*7 + 4Bs)*11

E. There is no correct answer

A. (A*4 +7Bs)/11

Core financial reports that are prepared to represent the financial position and results of operations of a company.

This is ...

A. Financial Statement

B. Financial Instructions

C. Financial Accounting

D. Financial Auditing

A. Financial Statements

"The economic resources owned by an entity; entailing probable future benefits to the entity"

This is ...

A. Property, Plant and Equipment

B. Intangible Assets

C. Assets

D. Tangible Assets

C. Assets

A financial statement that summarizes the revenues, expenses, and results of operations for a specified period of time.

This is ...

A. Financial Position

B. Cash Flow

C. Balance Sheet

D. Income Statement

... is a clause that is included in contracts to remove liability for unforeseeable and unavoidable catastrophes that interrupt the expected course of events and prevent participants from fulfilling obligations. These clauses generally cover natural disasters, such as hurricanes, tornadoes, and earthquakes, as well as human actions, such as armed conflict and man-made diseases.

Hint: F_r_e m_je_r_

Force majeure

A financial statement that presents a firm’s assets, liabilities, and owners’ equity at a particular point in time.

A. Financial Position

B. Cash Flow

C. Balance Sheet

D. Income Statement

C. Balance sheet

Sing a song!!!

Congrats, you get a mark of 7

The concept that many transactions and events are to be measured and reported at acquisition cost.

This is ...

A. Accrual principle

B. Matching principle

C. Materiality principle

D. Historical cost principle

An area of accounting concerned with reporting results to managers and others who are internal to an organization.

This is ...

A. Managerial Accounting

B. Management Accounting

C. Financial Accounting

D. Tax - Financial Accounting

E. A & B

F. B & C

E. A & B (Managerial Accounting & Management Accounting)

A person within an organization who reviews and monitors the controls, procedures, and information of the organization.

Hint: I_t_rna_ A_d_t_ _

Internal Auditor

An area of accounting that deals with external reporting to parties outside the firm; usually based on standardized rules an procedures.

This is ...

A. Managerial Accounting

B. Management Accounting

C. Financial Accounting

D. Tax - Financial Accounting

E. A & B

F. B & C

C. Financial Accounting

Amounts paid from profits of a corporation to shareholders as a return on their investment in the stock of the entity.

Hint: D_v_d_ _d_

Dividends

This is considered the most “scary” opinion for any company, disapproval is synonymous with financial reporting. This company's financial statements are not true and reasonable.

A. Unqualified opinion

B. Adverse opinion

C. Disclaimer opinion

D. Qualified opinion

B. Adverse Opinion

... is considered an administrative decision of the tax authorities in requiring the subjects to fully pay the missing tax amount into the state budget.

A. Tax Incentives

B. Tax Allowance

C. Collect taxes arrears

D. Tax Evasion

C. Collect taxes arrears

An ... opinion doesn’t have any kind of adverse comments and it doesn’t include any disclaimers about any clauses or the audit process. This type of report indicates that the auditors are satisfied with the company’s financial reporting. The auditor believes that the company’s operations are in compliance with governance principles and applicable laws. The company, the auditors, the investors and the public perceive such a report to be free from material misstatements.

A. Unqualified

B. Adverse

C. Disclaimer

D. Qualified

A. Unqualified

1. Automobiles with less than 24 seats, including both passenger and cargo cars with 2 or more rows of seats, with a fixed partition design between the passenger compartment and the cargo compartment;

2. Two- or three-wheeled vehicles with a cylinder capacity of more than 125 cm3;

3. Yachts and aircraft used for civil purposes;

4. Air conditioners with a capacity of less than 90,000 BTU;

5. Other preparations from tobacco plants for inhalation, smoking, chewing, sucking, smelling

All examples are goods subject to ... tax

A. License

B. Company income

C. Special consumption

D. Excise

E. C & D

F. A & C

E. C & D (Special consumption & Excise Tax)

... can be understood as the difference in price between the listed price and the actual price that businesses sell to customers when buying in bulk. The actual selling price will be less than the listed price. The process of accounting for the trade discount for the buyer will be carried out by the business based on the contract agreed between the two parties.

A. Trade Discounts

B. Quantity Discounts

C. Seasonal Discounts

D. Promotional Discounts

A. Trade discounts

1. Accountants will not be allowed to set up more than reserve accounts and must strictly follow operating principles.

2. Where the facts differ from the assumptions, the report to be prepared will be based on a different basis and an adequate explanation of that basis must be provided.

3. All financial statements must be prepared on the basis of the assumption that the enterprise is and will continue its production and business activities in the near future.

4. Contingent accounts will not be allowed to appreciate more than the value of assets and income will not be less than the value of payables such as expenses.

What principles of accounting are the contents referring to?

A. Accrual principle

B. Going concern principle

C. Materiality principle

D. Historical cost principle

B. Going concern principle

1. An extremely useful financial metric when you want to gauge the profitability of a business

2. ... = Profit after tax + CIT + Interest expense

3. ... = = Profit before tax + Interest expense

This is ...

A. Earning before Interest and Tax

B. Earning before interest, taxes, depreciation and amortization

C. Earning after Interest and Tax

D. Earning after interest, taxes, depreciation and amortization

A. Earning before Interest and Tax (EBIT)

How to calculate the EBITDA of K59C Co. in 2022

- Inventory: 56 $

- PPE: 78 $

- EBIT: 1542 $

- Retained earnings: 154 $

- Depreciation: 35 $

- General Reserve: 154 $

EBITDA = 1542 (EBIT) + 35 (Depreciation) = 1577 ($)

1. This principle requires accountants to exercise judgment and judgment in order to make accounting estimates under uncertainty.

2. The parts of revenue and income will be recognized when the accountant has solid and authentic evidence of the ability to earn profit as well as there is reliable evidence of the ability to recognize expenses.

What principles of accounting are the contents referring to?

A. Accrual principle

B. Matching principle

C. Materiality principle

D. Prudence principle

1. There must be a proper match between costs and revenues.

2. The person who recognizes the revenues must disclose the corresponding expenses.

3. The part of expenses corresponding to revenue will include expenses corresponding to the revenue in the period in which it is incurred. From this part of expenses will help the company to analyze and accurately calculate the taxable income of the business.

4. This is also the basis for accountants to calculate corporate income tax that needs to be paid to the state.

What principles of accounting are the contents referring to?

A. Accrual principle

B. Matching principle

C. Materiality principle

D. Prudence principle

Matching principle