Jeopardy - CLA Edition 2024

CLA Facts & Figures

100

"CLA" is short for the firm's formal name.

What is CliftonLarsonAllen LLP

200

CLA employs approximately this many family members:

A. 6,000

B. 6,500

C. 8,500

What is C. = 8,500

300

In CLA's branding & marketing strategy, we use the "CLA" logo and often times another image (hint:  it is a mode of transportation)

What is a bicycle

400

Many companies refer to their people as "employees", however the people at CLA go by this name.

What are family members

500

There are four essential elements of the CLA Promise.

Name two of the four:

What is

1. Our Purpose

2. Our Promise

3. Our Family Culture

4. Our Strategic Advantages

So Many Taxes!

100

All individual taxpayers must complete this basic tax form annually

What is a Form 1040

200

Willful failure to pay taxes is called

What is tax evasion 

300

An individual taxpayer must file their income tax return by this date

What is April 15th 

400

A partnership files what form with the Internal Revenue Service (IRS) to report its income, gains, losses, deductions, and credits?

What is Form 1065 

500

This type of entity generally involves one founder and owner, and is reported on schedule C of that individual's tax return

What is a sole proprietor

Be Audit You Can Be!

100

This shape is used as a model that describes the three key components that must be present for fraud to occur.

What is a (fraud) triangle

200

What audit report conclusion, represents that the financial statements are presented fairly, in all material respects, and are free from material misstatement?

What is an unmodified opinion.

300

The fraud triangle is a model that describes the three key components that must be present for fraud to occur. Name one of the three components.

What is

1. Opportunity: The person committing the fraud must have the opportunity to do so.
2. Rationalization: The person committing the fraud must be able to justify their actions to themselves.
3. Pressure: The person committing the fraud must have some kind of pressure or incentive to do so.

400

Generally accepted accounting principles are considered the gold standard of the financial reporting framework. Name 2 other types of financial statements that may be prepared using a financial reporting framework that is not generally accepted accounting principles (GAAP) include:

What are

1. Tax basis financial statements
2. Cash basis financial statements
3. Modified cash basis financial statements
4. Regulatory basis financial statements
5. Contractual basis financial statements

500

Auditor's complete risk assessment procedures when planning and performing an assurance engagement.  Name 2:

What is

1. Existence or occurrence
2. Completeness
3. Accuracy or valuation
4. Rights and obligations
5. Presentation and disclosure

Financial Accounting

100

Does GAAP require the accrual or cash basis of accounting?

Accrual

200

The three branches of accounting:

A. Legislative, Executive, Judicial

B. Financial, Management, Cost

C. Corporate, Financial, Investment

B. Financial Accounting, Management Accounting, Cost Accounting

300

The term used to explain how quickly a company can convert assets into cash

What is liquidity 

400

The 3 major types of assurance engagements public accounting firms offer to clients

What are Audits, Reviews, Compilations 

500

There are many types of financial statements, list 2 

What are balance sheets, income statement, statement of income, statement of operations, cash flow statement, statement of equity, statement of comprehensive income