Financial Statements
What is the primary financial statement that shows a company’s revenues and expenses over a specific period?
What is the Income Statement?
What type of balance sheet account is increased with a credit?
What is a Liability or Equity?
What is the term for assets that are expected to be used or converted into cash within one year?
What is Current Assets?
What is the term for liabilities that are expected to be paid off in the short term, such as accounts payable and short-term debt?
What are Current Liabilities?
What type of service involves the examination of financial statements to provide an opinion on their fairness?
What is a Financial Statement Audit?
Which financial statement shows a company's assets, liabilities, and equity at a specific point in time?
What is the Balance Sheet?
What is the journal entry to record a sale of goods for cash?
Debit Cash, Credit Sales Revenue.
What is the term for assets that have a long-term life and are used in the operations of a business, such as machinery or buildings?
What are Fixed Assets?
What is the term for the amount a company owes to suppliers for goods or services it has received but not yet paid for?
What is Accounts Payable?
What is the type of engagement where an accountant provides limited assurance that financial statements are in accordance with accounting standards but does not express an opinion on them?
What is a Review?
What is the statement that shows the inflows and outflows of cash over a period?
What is the Cash Flow Statement?
What is the journal entry for purchasing office supplies for cash?
Debit Office Supplies
Credit Cash
Which asset category includes items like patents, trademarks, and goodwill?
What are Intangible Assets?
What is the liability created when a company owes its employees for work performed but has not yet paid them?
What is Wages Payable?
What service involves verifying the accuracy of a company’s financial statements without providing an opinion on their fairness?
What is a Compilation?
Which section of the Balance Sheet contains information about a company’s obligations, such as loans and debts?
What is Liabilities?
What is the journal entry for receiving a $500 loan from the bank?
Debit Cash
Credit Notes Payable
What type of asset is land considered in accounting?
What is a Fixed Asset?
If a company receives a customer deposit in advance of providing services, which liability is recorded?
What is Unearned Revenue?
What type of service helps organizations comply with government regulations and reporting requirements, particularly in the public sector?
What is Government Auditing?
In a Cash Flow Statement, what are the three main sections?
What are operating activities, investing activities, and financing activities?
What is the journal entry for recording accrued revenue that will be collected next month?
Debit Accounts Receivable
Credit Revenue
What is the name of the method used to allocate the cost of intangible assets over their useful life?
What is Amortization?
What is the liability a company records when it is involved in a lawsuit, and the outcome is uncertain?
What is a Contingent Liability?
What service involves investigating potential fraud, misconduct, or illegal activities within a company?
What is Forensic Accounting?