Accounting 101
"Risk"y Business
Tax
MCC has a policy for this?
I'm Sick of Accounting
100
These must always equal the credits.
What is debits?
100
This is the risk related to Accounts Payable.
What is Understatement?
100
This is form that Corporations use to file federal income taxes.
What is Form 1120?
100
This is how you bill taking a client out to lunch in Time Entry (numbers not needed).
What is bill Miller Cooper and Client Lunch?
100
This actor won back to back academy awards for best actor in 1993 and 1994.
Who is Tom Hanks?
200
Inventory should be carried on the balance sheet as this.
What is lower of cost or market?
200
These are the two assertions that we are testing during an inventory count. (sheet to floor and floor to sheet).
What is existence and completeness?
200
This is the form that LLC's use to file federal income taxes.
What is the Form 1065?
200
This is the website used to book travel.
What is Egencia.com?
200
This 2011 satire musical won nine tony awards and takes partially in Uganda.
What is Book of Mormon?
300
This type of evidence is required to be acheived for audits?
What is corraborative evidence?
300
This is the reason that we sample Accounts Receivable.
What is to test existence?
300
Meals and entertainment is an example of this book vs. tax difference.
What is permanent?
300
This is the address that all confirmations and client letters should be mailed (need actual address).
What is 1751 Lake Cook Road, Ste. 400, Deerfield, IL 60015?
300
Two part question: This team has won more super bowls than any other team in NFL history, and this team has lost more super bowls than any other team in NFL History. (List two teams, they may or may not be the same team).
Who are the Pittsburgh Steelers (6 wins) and Denver Broncos (5 losses)?
400
Daily Double!
The number of days after report date that written communication with management is required to be communicated as documented in accounting standards.
400
The primary assertion related to testing in which we request support for the last 5 shipments before the fiscal year end and the first 5 shipments after the fiscal year end.
What is occurrence & cutoff?
400
This is the schedule that is required only when a company has over $10M in assets. It shows the book to tax adjustments.
What is schedule M-3?
400
This is worked performed on an engagement that is outside the engagements scope and time should be tracked separately.
What is accounting services?
400
This is the best selling album of all time.
What is Thriller by Michael Jackson?
500
A change in a significant accounting estimate should be adjusted on this basis.
What is a prospective?
500
This assertion is addressed at the end of each program to ensure that all components of the financial statements and other transactions and events are accurately classified, clearly described and disclosed.
What is disclosure and presentation.
500
As of today, this is the bonus depreciation percentage for 2014 that a Company can elect on new equipment that is placed into service in this year (not referring to Sec. 179 depreciation).
What is 0%? Bonus depreciation has not been extended for 2014.
500
This is the policy for what we have to do when we decide not to send out confirmations for an AR sample upon client's request.
What is increase the sample size 50% and perform alternative procedures?
500
This is the name of the first animal to orbit the earth.
What is Laika?
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