Accounting 101
The systematic method of recording a business's economic transactions so that internal and external users can use the information to make business decisions.
What is Accounting?
This word derives from the French word “compter” and the Latin word “computare,” which means to count or calculate.
What is accountant?
COGS
What is Cost of Goods Sold?
Since 1935, a team of accountants has spent up to 1,700 hours every year counting ballots for this awards event.
What is the Academy Awards or Oscars?
Ben Affleck was a freelance accountant in this 2016 action movie.
What is The Accountant?
An accounting process that compares two sets of records to check that figures are correct and in agreement.
What is reconciliation?
In 1955, General Electric made the first purchase of this item to perform accounting functions such as payroll processing.
What is a computer?
BPS
What is Basis Points?
This notorious American gangster was brought down through the use of accounting.
Who is Al Capone (Scarface)?
This Rolling Stone studied accounting and finance on a scholarship at the London School of Economics.
Who is Mick Jagger?
The accounting equation is:
What is assets = liabilities + owner's equity?
This 1880's invention allowed accountants to calculate more accurately and efficiently.
What is the adding machine (financial calculator)?
ROI
What is Return on Investment?
This government crime solving agency employs more than 2,000 accountants.
What is the FBI?
This Netflix series follows Marty Byrde, a financial advisor wrapped up in a money laundering scheme.
What is Ozark?
The term used to explain how quickly a company can covert assets into cash.
What is liquidity?
Debit "he owes" and credit "he trusts" are derived from this language of Ancient Rome.
What is Latin?
GAAP
What is Generally Accepted Accounting Principals?
In 1928, an accountant named Walter E. Diemer invented the first commercial form of this chewing candy.
What is bubble gum?
These three characters make up the dysfunctional accounting team of Dunder Mifflin Paper Company.
Who are Kevin, Oscar, and Angela?
List 3 of the 5 primary types of accounts used in accounting.
What are assets, liabilities, equity, income, and expenses?
The double-entry accounting system (using debits and credits), which established the foundation for modern accounting was invented in:
A. 1123
B. 1458
C. 1687
D. 1902
What is 1458?
COA
What is Chart of Accounts?
In 1950, The Ohio State University founded this to recognize accountants who have made or are making significant contributions to the advancement of accounting.
What is The Accounting Hall of Fame.
What is the Shawshank Redemption?