Accounting 101
The normal balance of accumulated depreciation.
The framework for internal controls include:
1. control environment
2. monitoring and reviewing
3. information and communication
4. control activities
5. ????
What is risk assessment?
Gross profit is equal to revenue less ...
What is COGS?
Michael asked Pam to buy ice cream for the office. Michael told Pam to use the petty cash to complete the purchase. What is the entry that Angela will post once Pam supplies her receipt?
What is credit petty cash and debit employee expense (or other similiar SG&A expense)?
Fanatics general ledger.
What is D365?
The normal balance of a contra asset account.
What is a credit balance?
A control activity that aims to deter the instance of errors or fraud.
What is preventative control activities?
The founder of Fanatics.
Who is Michael Rubin?
Darryl wants a new trash compactor so he sold the paper company's existing trash compactor. The compactor was fully depreciated, and the buyer paid $1,500 cash. Which P&L account would you use to record this transaction?
What is gain/loss on sale of asset?
Account reconciliations can be found within this software.
What is FloQast?
The financial statement that displays the revenues and expenses of a company for a period of time.
What is the Income Statement?
Shared responsibilities of a key process that disperses the critical functions of that process to more than one person or department
What is segregation of duties?
The established reputation of a business regarded as a quantifiable asset, e.g., as represented by the excess of the price paid at a takeover for a company over its fair market value.
What is goodwill?
Dwight accidentally ran Meredith over in the company parking lot. Meredith sued the paper company, and the company's attorney estimates probable damages of $1.5M. If the paper company needs to provide financial statements to the bank, what entry is needed to reflect the potential $1.5M payout?
What is credit to accrued expenses of $1.5M, and debit to contingent loss of $1.5M?
Fanatics CEO.
Who is Doug Mack?
This is prepared by calculating changes in both income statement and balance sheet account balances.
What is the statement of cashflows?
A United States federal law that mandates certain practices in financial record keeping and reporting for corporations.
What is the Sarbanes-Oxley Act of 2002?
The company purchased 20,000 shares of Nike stock on January 3, 2021. In order to properly report Q1 results, what entry is needed in relation to the purchase of Nike stock on 3/31/21?
What is a market value adjustment?
Kevin is tasked with posting the journal entry to record the below transaction.
The paper company made a payment on a note payable. $100 was interest expense. Total payment was $600. What was Kevin's journal entry?
What is debit Note Payable for $500, debit Interest Expense for $100, credit cash for $600?
Fanatics headquarters.
What is Jacksonville, FL?
The concept that states that businesses should be treated as if they will continue to stay in business.
What is going concern?
The scandal that led to President George W. Bush to sign the Sarbanes-Oxley Act into law.
What is the Enron scandal?
The NFL legend that recently invested into Fanatics' NFT Company, Candy Digital.
Who is Peyton Manning?
Jan has 2,000 shares of restricted stock through her employer. These shares became fully vested on November 1. The value of the shares on the vesting date was $20 per share and a par value of $1. What JE should have been made on November 1?
What is
Debit stock-based compensation expense for 40k, credit common stock for 2k, and credit APIC for 38k?
The name of Fanatics joint venture where fans and collectors can purchase, trade and share officially licensed NFTs to deepen their love of the sport.
What is Candy Digital?