Vocab
All accountants follow the same accounting framework, or set of rules to prepare financial reports. The Financial Accounting Standards Board (FASB) issues these rules.
What is GAAP
Congratulations! The good news is that you’ve decided to attend a local community college after high school. The challenge is that tuition for an 18-week semester is $2,000. You estimate travel expenses of $25 per week and $275 for books and supplies. You plan to work 20 hours a week, earning $8.00 per hour, and you will apply all your paychecks toward college expenses. Social Security and income taxes will take about 14% of your earnings.
1.
What is the total cost for a semester?
2.
Assume that you have already saved $400 toward your first semester’s costs. Approximately how long will it take to save enough to cover your tuition, travel and books for one semester?
1. What is $2,725
2. What is 14.5 weeks
What are the 3 types of business operations?
What are service, merchandising and manufacturing businesses.
A CPA and an accounting clerk have the same job responsibilities.
False
Clerks are lower on the food chain and do not have the same level of responsibility as a CPA
What time and day are notes due in google classroom?
Friday at 10:00 pm
focuses on reporting information to external users.
What is Financial Accounting
Assume that the federal government pays new accountants without a master’s degree an annual salary of approximately $21,500. The starting salary for new accountants with a master’s degree is approximately $36,000. If you spent $29,000 to attend graduate school, how many months would you work at a new job in the federal government before the difference in salary pays for your graduate school expenses?
what is 24 months or 2 years.
What are the three forms of business organizations?
What are sole proprietorship, partnership and corporation
Money that a business makes after all expenses have been paid is called capital.
False, profit
Financial reports are made only for people within a company so they can make inform decisions about the business. TRUE OR FALSE.
False, some financial documents are made available to the public and to shareholders that are outside of the company.
buys finished products and resells them to individuals or other businesses.
What is a merchandising business
Suppose that you bought 600 shares of Pinewood Dairy Corporation for $48 per share several months ago. Yesterday you sold 250 of the shares at the current price of $57 per share. How much money did you gain or lose on the shares that you sold? What was the gain or loss per share? Based on the price of $57 per share, what was the market value of your remaining shares yesterday?
1. What is $2,250 gain
2. What is $9 gain
3. What is $19,950 remaining value
people are free to produce the goods and services they choose. Individuals are free to use their money as they wish: spend it, invest it, save it, or donate it.
what is a free enterprise system
computerized accounting is written out manually and is usually kept in log books
False, keyed into a computer
2 Truths and a Lie about Coach Moore
I was born in South Carolina.
I sat next to Pete Rose during one of my games and talked for a while with him.
I have never had a ticket from the police.
Lie is born in South Carolina
a business recognized by law to have a life of its own?
AND
What is the legal permission it needs to operate called?
What is a corporation
AND
What is a Charter
Suppose that you are opening a 2,000-square-foot baseball card store in a shopping center. You have signed a lease that requires you to pay a monthly rent of $2.25 per square foot, plus 7 percent of your gross annual sales. What is the total amount of rent you will pay in one year if you have sales of $95,500?
What is $60,685
Operate for the sole purpose of making money for their owners and shareholders
what is a for profit business
A corporation is at an advantage because it has multiple people at the top to draw ideas and investments from.
True
Is the cliche that accountants are boring people and they just stare at a screen all day true? Why or why not?
It is false, they have to be able to communicate with the people that they work with. Yes they have to be good with numbers and computers, but if they can't talk to people and be able to operate outside of a typical office setting, they are limited on where their career can go.
an entry-level job that can vary from specializing in one part of the system to doing a wide range of tasks.
What is accounting clerk
Corey Murphy earns $12.50 an hour for a regular 40-hour week at the pet store. His overtime pay is 1½ times his regular hourly rate. Last week Corey earned $795.00 in total pay. How many hours of overtime did he work?
What is 15.73 hours
an accountant who has met specific education and experience requirements and has passed national test.
What is a CPA
US Steel is a merchandising business.
False, manufacturing.
On what day will the NCCS baseball team play a game at Truist Park spring 2021?
April 17th!!
I better see all of you there!!!