You Hate Income Tax & Financial II (so do I)
The type of bond issued when the stated interest rate exceeds the market interest rate
What is a premium bond?
The principle that states expenses must be grouped to the revenues in the same reporting period
What is the matching principle?
The accounting equation
What is Assets = Liabilities + Shareholder's Equity
The order in which the four financial statements are prepared
What is the Income Statement, Statement of Shareholder's Equity, Balance Sheet, and Statement of Cash Flows?
The decision statisticians make when their p-value is greater than their chosen significance level (alpha)
What is failing to reject the null hypothesis?
The maximum percentage social security can be taxable
What is 85%? (disclaimer: this MAY or MAY NOT change depending upon all the agendas of politicians)
The report that matches the bank statement balance to the general ledger balance
What is the bank reconciliation?
The expense account that reflects the value of an intangible asset has gone down
What is amortization expense?
The financial statement report that is filed to the SEC quarterly
What is a 10-Q?
The symbol in statistics that represents that population mean
What is μ (mu)?
The tax form that summarizes itemized deductions
What is Schedule A?
The accounting principle that assumes a business will continue operating indefinitely
What is the going concern principle?
The best or most "clean" opinion an audit can receive
Unqualified Opinion (The auditors do not have to exercise their qualifications to make the financial statements appear 'fairly stated'
Mr. Sudduth's favorite financial statement
What is the Statement of Cash Flows?
The name of character that is the regional manager in The Office (U.S.)
Who is Michael Scott?
The way tax depreciation affects the financial statements (hint: book/tax differences cause these)
What is a deferred tax liability? (hell is also probably an acceptable answer at this point)
The value fixed assets are recorded at
What is historical cost?
The inventory costing method that leads to lower Net Income
What is LIFO (Last-In First-Out, an assumption that higher prices will be reflected in COGS)
The version of the trial balance that is used to created financial statements
What is the adjusted trial balance?
In The Office (U.S.), Kevin spills this all over the office floor in one of the show's most famous cold opens
What is chili?
The lowest tax rate the capital gains tax allows for ($47,025 or lower for single, $94,050 or lower for married filing join)
What is 0% capital gains tax rate?
The name for disclosure notes presented on the face of the balance sheet
What are parenthetical disclosure notes?
The only non-depreciable fixed asset
What is Land?
This section of the statement of cash flows is changed when using the direct method (hint: there are only three sections)
What is the operating activities section of the statement of cash flows?
In the series finale of The Office (U.S.), Dwight fires this character before rehiring them as Assistant to the Regional Manager
Who is Jim Halpert?