FINANCIAL ACCOUNTING

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100

Which organization is easier to transfer ownership, and hold no personal liability?

A corporation

200

What is an advantage and disadvantage of a corporation?

management (corporate)

300

Did Target have treasury stock? Yes or No

NO

500

What state do most US companies Incorporate in?

Delaware

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100

Resources owned by a business are called?

Assets

200

What is inventory tracking that is continuous?

Perpetual

300

What are the 4 ways a company creates (gets) capital?

Loans

Bonds

Selling Stock

Selling product/service

500

What account ultimately  increases or decreases in the closing process 

Retained Earnings

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100

When expenses exceed revenues

What is a net loss?

200

Liabilities plus Stockholder's Equity equal...

Assets

300

Do companies have to distribute dividends?  Yes or No

NO

500

What did McDonalds Call their COGS?

Food and Paper

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100

The adjusted trial balance is the primary basis of the financial statements. (True or False)

True

200

What is a list of accounts and their balances at a given time called?

Trial Balance

300

Which of these would have a normal credit balance? A) Gross Profit b) Sales Revenue c) Credit to Inventory d) Balance Sheet

B) Sales Revenue

500

What is the maximum penalty in years for what Rita did (wire fraud)?

20