Key Terms 1
An accounting guideline stating that information
considered important (relative to the other information) should be included in financial reports.
Materiality
The amount of sales for the period less any sales discounts, returns, and allowances.
Net Sales
Receipts of cash.
Cash Inflow
What fast-food chain famously sold out of chicken sandwiches in 2019 and announced they'd return on a Sunday to take a jab at rival Chick-Fil-A?
Which U.S. city is known as the “City of Angels”?
LA
Accounting principle requiring a financial report to include enough information so that it is complete.
Full Disclosure
The total cost of all merchandise purchased during a period, less any purchases, discounts, returns, and allowances.
Net Purchases
Payments of cash.
Cash Outflow
What used car retailer, which has its headquarters in Richmond, Virginia, trades on the New York Stock Exchange under the ticker KMX?
CarMax
Which state is nicknamed “Land of 10,000 Lakes?”
Minnesota
The account that represents the total amount of investment in the corporation by its stockholders (owners).
Capital Stock
The cash spent or assets consumed to earn a revenue
for a business; operating expenses do not include federal income tax expense.
Operating Expenses
Business activities involving normal
business operations.
Operating Activities
What private electronics accessory company based in Fort Collins, CO is most well-known for a series of mammalian named phone cases that are water-resistant, shock-resistant, and drop-resistant?
OtterBox
What is the capital city of Canada?
Ottawa
The value of the stockholders’ claims to the corporation.
Stockholder's Equity
Expenses a business incurs to sell or market its merchandise or services.
Selling Expenses
Business activities involving investments
and plant assets.
Investing Activities
What athleisure brand was once designed with a specific "muse" in mind: a 32-year-old woman named Ocean making $100,000 a year?
Lululemon
Where is the world’s tallest building located?
Dubai, UAE
A corporation’s accumulated net income
that is not distributed to stockholders.
Retained Earnings
A method of analysis that expresses financial statement items as percentages of a base amount.
Vertical Analysis
Business activities involving debt and
equity transactions.
Financing Activities
Speaking of neutral: Cowa is a nature-friendly Bitcoin mining company, based out of what Alpine country that William Tell called home?
Switzerland
Which country would you visit to see the Palace of Versailles?
France