Balance Sheet
Income Statement
Formulas
Accounting Terms
Surprise Me!
100
A financial statement that reports the assets and claims to those assets at a specific point in time.
What is the balance sheet?
100
A financial statement that presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time.
What is the income statement?
100
Current Assets / Current Liabilities
What is the current ratio?
100

True or False:  Goods in transit with terms FOB Destination are NOT recognized by the buyer.

What is TRUE
100

What was the first state?

What is Delaware?

200
A category on the balance sheet that includes cash, accounts receivable, equipment, and inventory.
What are assets?
200
The difference between revenue and expenses.
What is net income?
200
Total Liabilities / Total Assets
What is Debt to Asset ratio?
200
A report prepared by corporate management that presents financial information including financial statements, notes, a management discussion and analysis section, and an independent auditor's report.
What is an annual report?
200

Groups of lions are known as what?

What are Prides.

300
Accounts representing short term obligations under one year
What are current liabilities?
300
A category on the income statement that represents the write off of uncollectible receivables.
What is bad debt?
300
The current ratio of a company with current assets of $300,000 and current liabilities of $100,000
What is 3?
300
Regulations passed by Congress in 2002 to try to reduce unethical corporate behavior.
What is Sarbanes Oxley?
300

What type of an account classification is accumulated depreciation?

What is a contra asset?

400
The amount of net income retained in the corporation.
What are retained earnings?
400

The classification and normal balance of the sales discount account would be

contra-revenue, debit

400
The total amount of assets of a company with total liabilities of $300,000 and total stockholder's equity of $250,000.
What is $550,000.
400
A set of rules and practices, having substantial authoritative support, that the accounting profession recognizes as a general guide for financial reporting purposes.
What is Generally Accepted Accounting Principles (GAAP)?
400

Name the TV western that featured the Cartwrights.

What is Bonanza?

500

The owners' claim to assets.

What is stockkholder's equity (or owner's capital)

500
This item on the income statement is considered a noncash expense that is directly tied to fixed assets such as equipment, vehicles, or buildings.
What is depreciation?
500
The value of current assets when the current ratio is 2 and current liabilities are $400,000.
What is $800,000.
500
Transactions that are recorded to the accounting records in the periods in which the events occur, not when it's paid.
What is accrual basis accounting?
500

Which government agency oversees the stock market?

What is the SEC?

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