I wanna be a billionaire
The ________ for a given point in time can be calculated using the balance sheet.
What is accounting equation?
The formal definition of accounting is: “The process of identifying, measuring, and communicating economic information.” Informally, accounting is often referred to as ________________.
What is the Language of Business?
________ perform managerial accounting functions.
What is cost accountants?
You can determine the financial position of a company from ___________________.
What is the balance sheet?
What term describes a business when revenue earned and costs incurred, in a given period are equal?
What is break-even?
Businesses use accounting as a language to communicate financial information to three groups of people. Who are these three groups?
What is internal users, external users, and the government.
This financial statement is the first one prepared by a company, in order to complete all other remaining statements.
What is income statement?
This will allow a business owner to understand how much money he/she has put into the business so far.
What is the statement of owner's equity?
In a manufacturing operation, the parts used to produce the finished product are considered ____________.
What is a variable cost?
Fixed costs divided by the contribution margin per unit.
What is the break-even point?
Information needed by external entities in order to evaluate business performance is provided by ___________.
What is financial accountants?
When a company makes a decision to purchase a component part instead of manufacturing it in-house, that decision is based primarily on ________ ________ information.
What is managerial accounting?
The accounting equation represents the relationship between owners’ equity, liabilities, and ______________.
What is the assets of a business?
This allows a manager to understand why the business has had record sales, yet is having a hard time paying the bills each month.
What is the statement of cash flows?
Details for account balances found on one of the four accounting statements may be found on another of the four statements. This is known as _______________.
What is inter-connectivity?
The heart of all financial accounting is the accounting equation, which is represented as _________________.
What is assets = liabilities + owner’s equity?
The Generally Accepted Accounting Principles, or GAAP, require companies to prepare these four financial statements.
What is income statement, balance sheet, statement of cash flows, and statement of owner’s equity?
Contribution Margin covers fixed expenses at ___________.
What is break-even?
Contribution margin per unit divided by sales price per unit.
What is contribution margin ratio?
This ratio emphasizes assets that can be quickly and reliably turned into cash.
What is acid-test (Quick) ratio?
The reason accounting statements are prepared in a prescribed order.
What is because the figures calculated on prior statements are inputs to subsequent statements?
The break-even units are 5,000, and fixed costs are $100,000, this is the per unit contribution margin.
What is $20?
The Sabian company manufactures drums and sells them to colleges for marching bands. This last quarter, Sabian sold $500,000 with fixed costs of $150,000 and a contribution margin of $150,000. This is Sabian’s variable costs for the quarter.
What is $350,000?
Given a contribution margin of $20, if 10,000 units are produced at a cost of $400,000, this is the sales revenue in USD.
What is $600,000?
Why the Sarbanes-Oxley Act (SOX) was instituted.
What is protect investors from the possibility of fraudulent accounting activities by corporations?