Vocab 1
A distinct thing such as a company, a firm, or a business.
What is an entity?
Principle that preparers of statements must use and err on the side of caution.
What is the Principle of Prudence?
The narrator of the movie.
Who is Matt Damon?
In 2001, the "Internet Bubble" burst, causing $5 trillion in losses. What did the SEC do?
What is nothing?
Agency that collect taxes and enforces tax laws.
What is the IRS?
A business that is owned by one person, has personal and tax liability.
What is a sole proprietorship?
Principle requires same accounting rules followed over time.
What is the Principle of Regularity?
The final line of the movie was, "Some things are worth ______ for."
What is fighting?
What major bank's collapse triggered the 2008 world financial crisis?
What is Lehman Brothers?
Government agency that regulates securities.
What is the SEC?
A business owned by 2 or more people, with personal liability and taxes.
What is a partnership?
Principle prohibiting fake positive items to counterbalance negative items.
What is the Principle of Noncompensation?
The number of presidents who appointed Alan Greenspan as Chief of the Federal Reserve.
What is 3?
The Attorney General of NY in 2008 who went after banks for the losses they caused.
Who was Eliot Spitzer?
Agency that guides how to record economic events.
What is the FASB?
A business that is separate from other businesses or people, taxed apart, no personal liability.
What is a corporation?
Principle that statements are to be presented honestly and accurately always.
What is the Principle of Sincerity?
The #1 Sub-Prime lender in 2008?
What was Countrywide?
What is $700 billion?
Agency that issues guidelines that are used internationally in finance.
What is the IFRS?
Business type that combines limited personal liability with tax benefits.
What is a LLC?
Principle that accounting should be split into equal periods for reporting.
What is the Principle of Periodicity?
The increase of home foreclosures from 2004-2005 increased by this many times?
What is 5?
The 2008 crisis increased the US debt by this amount.
What is double?
Agency that issues the guidelines that accountants use consistently.
What is GAAP?