Financial Statements 1
What financial statement provides a snapshot of a company's financial position at a specific point in time?
What is the Balance Sheet?
What financial statement summarizes a company's revenues and expenses over a specific period, typically a month, quarter, or year?
What is the Income Statement?
The amount of money you get from the lender
What is Principle?
What is the fundamental accounting equation that represents the relationship between a company's assets, liabilities, and equity?
What is Assets = Liabilities + Equity?
How many school districts does Hawaii have?
1
On the balance sheet, what category represents assets that are expected to be converted into cash or used up within one year?
What are Current Assets?
What category on an income statement includes items like rent, salaries, and utilities?
What are Operating Expenses?
How is APR used to determine monthly payments on a loan?
(Principle*APR)/12
If a company's assets increase while its liabilities remain the same, what happens to equity?
What increases?
What is the longest recorded flight of a chicken?
13 seconds
What term is used to describe the portion of assets financed by creditors or external sources?
What is Liabilities?
Which financial statement provides the net income or net loss for a company?
What is the Income Statement?
What is the name of Mr. Shroyer's dog?
Took
How does a company's balance sheet stay in balance according to the accounting equation?
What is through double-entry accounting, where each transaction affects at least two accounts?
What can you touch that can't be seen?
Someone's heart.
In a balance sheet equation, what should the sum of assets equal?
What are Liabilities and Equity (A = L + E)?
What term is used for the difference between total revenues and total expenses on an income statement?
What is Net Income or Net Profit?
Name the 3 C's of credit
Character
Capacity
Collateral
How does expenses affect the accounting equation
It decreases Owners Equity with a debit entry
I am a three-digit number. My second digit is 4 times bigger than the third digit. My first digit is 3 less than my second digit. Guess the number?
141
If a company's assets exceed its liabilities, what term is used to describe the positive balance?
What is Equity or Owner's Equity?
On an income statement, what term represents the company's earnings before interest and taxes?
What is Earnings Before Interest and Taxes (EBIT)?
Name one year that the greatest college football team (Nebraska Cornhuskers) of all time won a national championship. They have won five.
1970, 1971, 1994, 1995, and 1997
How do Revenues affect the Accounting Equation
It increases Owners Equity with a credit
When you need me, You throw me away. But when you are done with me, You bring me back. What am I?
An anchor.