Roles & Month-End
Name one example of a traditional accounting department role.
This process helps track the amount of time spent supporting each portfolio company, allowing for accurate management fee allocation.
What is time tracking?
Which financial statement is at a point in time?
What accounting term is used to describe a person's financial obligations or debts?
What is liabilities?
Which accounting software do we use for day-to-day financial management?
What is QuickBooks?
Which team member is responsible for managing accounting for Windquest?
Who is Kyle?
Name one example of a depreciable asset.
What is equipment, furniture, or vehicles...?
Which financial statement summarizes a company's revenues, expenses, gains, and losses over a specific period?
What is the Profit and Loss (P&L) statement?
Name one asset account.
What is Cash, A/R, Inventory, ect...?
Who is Connor?
This type of expense if paid upfront but is recorded as an asset until it is used up over time.
What is a prepaid expense?
Which financial statement would you find depreciation as an expense?
What is the income statement?
What does CPA stand for?
What is Certified Public Accountant?
What is the term for the method of accounting that records transactions when cash is received or paid?
What is one of the most important parts of the month-end process?
What is expense reports? (Submitted on time!)
A $36,000 annual subscription starts January 1, 2025. How much is expensed monthly?
What is $3,000?
What is the accounting equation?
What is Assets = Liabilities + Equity?
Which U.S. regulatory body is responsible for overseeing the financial reporting of public companies?
What is the Securities Exchange Commission (SEC)?
In accrual accounting, when are expenses recorded?
What is when incurred, not when paid?
Term for comparing reported cash levels with actual transactions.
What is cash reconciliation?
This accounting concept is used to determine the cost of inventory, where the first items purchased are the first to be sold.
What is the FIFO (First In, First Out) method?
In this section of the balance sheet you will find the retained earning and common stock of a company.
What is shareholders' equity?
What does GAAP stand for?
What is generally accepted accounting principles?
Bill.com allows businesses to electronically transfer money between banks and credit unions through a network know as the _____, or ACH for short.
What is the Automated Clearing House?