Accounting & Tax Anagrams
Income from selling goods, performing services, etc. (1): never sue
WHAT ARE REVENUES?
Children’s Benadryl comes in this form like cash and other marketable securities
WHAT IS LIQUID?
Masks, gloves, buildings, land
WHAT IS PPE?
TFSAs and RRSPs are useful tools to help you save for this
WHAT IS RETIREMENT?
A warm and cozy home for assets you want to protect from the CRA/IRS
WHAT IS TAX SHELTER?
Goods available for sale
(1): irony vent
WHAT IS INVENTORY?
The sum of debit entries minus credit entries in the account; some drugs can affect this
WHAT IS BALANCE?
A profitability measure; or a car company
WHAT IS GM?
Auditors consistently exercise this throughout the course of the audit engagement
WHAT IS PROFESSIONAL JUDGMENT?
It’s the form your employer files at year’s end showing your compensation & withheld taxes
WHAT IS A T4/ W-2?
The excess purchase price of an acquired business
(1): wild logo
WHAT IS GOODWILL?
An agreement between a company & an outside auditor is called like something ending at the altar
WHAT IS AN ENGAGEMENT?
A U.S. Investor Protection Act; also what I get for Christmas
WHAT IS SOX?
If a bull breaks into a china shop, an auditor might be concerned about this
WHAT IS IMPAIRMENT?
Beginning & ending with the same letter this type of tax asset may be used for a company’s future tax liability
WHAT IS DEFERRED?
Diminish in value over time
(1): catered pie
WHAT IS DEPRECIATE?
An audit of part of a taxpayer’s complex records or a free taste of the drug that doctors give patients
WHAT IS A SAMPLE?
Trying to avoid tax? Think again! You might be caught under this. (Under Canadian tax law)
WHAT IS GAAR?
This is usually equal to 10% of taxable income and reduces Part I taxes owing for Canadian corporations
WHAT IS ABATEMENT/FEDERAL TAX ABATEMENT?
It is the dreaded CRA/IRS double-check of your return to ascertain its validity
WHAT IS NOTICE LETTER OR AUDIT?
Cash, accounts receivable, inventory, etc.
(2): actress unrest
WHAT ARE CURRENT ASSETS?
Accountants try to do this to keep revenue and related expenses in the same time-frame; also happens (sometimes!) when you swipe right on Tinder
WHAT IS MATCH?
This tax term is also the nickname of an American politician that livestreamed Among Us.
WHAT IS AOC?
Under the restricted fund method, this type of fund must be presented separately from general and restricted funds
WHAT IS ENDOWMENT?
A type of tax on certain commodities or a way to remove a tumor
WHAT IS EXCISE?