Basic Knowledge
The GAAP stand for what.
What is Generally Accepted Accounting Principles?
Name the three line heading that appears at the top of a balance sheet.
Name of the company, Balance Sheet, Date.
Give the skeleton formula to figure cost of goods sold.
What is BI + Purchases - EI?
What is the Matching Principle?
This is the most popular jelly bean flavor.
What is very cherry flavor (red)?
This calculation determines net income.
What is Revenue - Expenses?
Name the account that is used in the closing process that has neither a debit or credit balance.
What is Income Summary?
Name the two methods of estimating ending inventory.
What are cost and retail methods?
Once a company adopts an accounting principle or method, they should continue to use it.
What is the Consistency Principle?
The typical body part of a chocolate bunny that is eaten first.
What are the ears?
Accumulated Depreciation is this type of account.
What is Contra Asset
Name the order of accounts as they appear on a Trial Balance.
What are assets, liabilities, capital, revenue, expenses?
The account used in determining a company's inventory that appears on both the balance sheet and the income statement.
What is Merchandise Inventory?
This is the concept that a business will remain in operation for the foreseeable future.
What is the Going Concern Principle?
This person sung 'What Was I Made For' from the 2023 'Barbie' movie.
Who is Billie Eilish?
The word used to describe the face value of a note plus interest.
What is maturity value?
Identify the number of days between March 4 and May 10.
What is 67 days?
Name the inventory costing method that assumes that the costs of the first items purchased are the first to be allocated to cost of goods sold?
FIFO
The LCM method of inventory valuation is utilized because of this principle.
What is the Principle of Conservatism?
This famous golfer is arguably the greatest left-handed player to ever play golf even though he is naturally right-handed. As a child, he mirrored his father’s swing and learned to swing as though he was left-handed.
Who is Phil Mickelson?
The acronym used to describe the closing process in accounting.
What is REID?
Identify the account that is debited and the account that is credited the adjusting entry for depreciation on an asset.
What is DR Depreciation Expense and CR Accumulated Depreciation?
Name the effect of overstating the ending inventory on the Cost of Goods Sold.
What is an understatement of COGS?
The principle that requires that goods and services acquired by a business are recorded at their actual cost.
What is the Cost Principle?
Larry Page and Sergei Brin are the Stanford University classmates responsible for creating the this powerful and most popular site on the Internet.
What is Google?