Any item of economic value owned by an individual or corporation, especially that which could be converted to cash.
What is an asset
100
The company buys $50 worth of office supplies - cash.
What is crediting the cash account $50 and debiting office supplies $50.
100
What is the basic accounting equation?
What is Assets = Liabilities + Owner's Equity
100
The accounting software RRP uses
Yardi
100
CPA is the acronym for this
Certified Public Accountant
200
The accounting system that records revenues and expenses at the time the transaction occurs, not at the time cash changes hands?
What is the accrual method
200
Owner invests $10,000 in the company
What is debiting Cash by $10,000 and crediting Owner's Equity by $10,000
200
GAAP is the acronym for this
What is generally accepted accounting principles
200
This person is in charge of the accounting for Figueroa Courtyard property
Rose
200
Instead of GAAP, the rest of the world uses this.
What is IFRS - International Financial Reporting Standards
300
An obligation to settle a debt; money owed to someone
What is a liability?
300
The company buys plumbing supplies for $5000 on credit
What is debiting plumbing supplies $5000 and crediting accounts payable $5000
300
DAILY DOUBLE!!!
Name two liability accounts
What are accounts payable, accrued expenses, notes payable, wages payable, interest payable, bonds payable, unearned revenues,
300
What is original sale price of the PacMutual building on April 17 2014?
$129,000,000
300
The four major accounting firms
What are KPMG, PWC, Deloitte, EY
400
A systematic examination of books, accounts, documents, and vouchers of an organization to ascertain how far the financial statements present a true and fair view of the concern?
What is audit
400
Tenant A occupies office unit 15 for $10,000/month. How does Tenant A get billed for their monthly rent?
What is debiting Accounts Receivable $10,000 and crediting Office Rental Income $10,000.
400
The Statement of Cash Flows include these three activities
What are operating, investing, and financing activities.
400
Approximately how much does RRP pay PMB for rent every month
What is $17,071.60
400
The event in Oct 2001 that happened due to acts of embezzlement undertaken by involving the unlawful and unethical attainment of monies and funding by employees. The funds embezzled were intended for company use in lieu of personal use. This caused the fall of then accounting firm Arthur Andersen.
What is the Enron Scandal
500
When a business spends money either to buy fixed assets or to add to the value of an existing fixed asset with a useful life extending beyond the taxable year?
What is capital expenditure
500
DAILY DOUBLE!!
The invoice for janitorial contract service for the amount of $500 for the current month of June has not been received. In the accrual books, what needs to be booked to recognize the janitorial expense for the month.
What is debit janitorial expense $500, credit accrued expense $500.
500
Net sales from revenue - Cost of goods sold =
What is Gross Profit
500
What banking institution does RRP use for all of its operating accounts and credit card services
What is Bank of America
500
The bill, which contains eleven sections, that was enacted as a reaction to a number of major corporate and accounting scandals, including Enron and Worldcom. The section of the bill covers responsibilities of a public corporation's board of directors, adds criminal penalties for certain misconduct, and required the Securities and Exchange Commission to create regulations to define how public corporations are to comply with the law.