Debits & Credits + Financial Statements
In double-entry accounting, debits must always equal this.
What are credits?
This is what GAAP stands for.
What is Generally Accepted Accounting Principles?
This is the organization that sets U.S. auditing standards for non-public companies.
This is the CPA test section that Austin had to retake.
What is FAR?
This financial statement shows a company's revenues and expenses over a period of time.
What is the Income Statement?
These are the three main financial statements.
What are the balance sheet, income statement, and statement of cash flows?
This document provides detailed instructions and scope of the audit to the client.
What is the audit engagement letter?
This is the name of the new firm Austin will be working for.
What is Lohman & Associates?
This shows a company’s assets, liabilities, and equity at a specific point in time.
What is the Balance Sheet?
This principle says we record transactions when they happen, not when cash is exchanged.
What is the Accrual Basis of Accounting?
These are two types of audit opinion.
What is unqualified/unmodified, qualified, adverse, disclaimer of opinion?
This is how long Austin worked for Baker Tilly (Moss Adams). (down to the month) (not including internship)