National Parks
A, L & OE
AAA
Accounting Vocab
Miscellaneous
100

What is the first national park?

Yellowstone

100

Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.

What are assets?

100

Mountain West Group serves these 7 states.

What is Alaska, Arizona, Northern California, Montana, Nevada, Utah and Wyoming?

100
What is Asset, Liability, Owners Capital
What is permanent accounts?
100

When a business buys a computer with cash, its cash ______, but its computer equipment asset ________

What decreases and increases?

200

Which national park is known for its massive red rock formations located in Utah.

What is Arches National Park?

200

Accounting Equation

What is Assets = Liabilities + Stockholders Equity?

200

Year Established.

What is Established in 1902?

200
What is revenue, expenses, owner's withdrawals
What is temporary accounts?
200
In addition to an owner, these people also have claims against a company's assets.
Who are creditors?
300

The state with the most National Parks in the country.

What is California?

300

This line on the balance sheet refers to money owed by a company

What is Accounts Payable?

300

AAA Member Experience three Principles: AAA acronyms

What is Authentically Connect, Amaze, and Apreciate?

300
When you buy something and agree to pay for it later
What is Credit?
300
If a business closes, the claims of these individuals are settled first.
Who are creditors?
400

The president who created five National Parks.

Who is Teddy Roosevelt?

400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400

The MWG Way Core Concepts: Three Focus areas

What is Home + Family and Auto + Mobility categories?

400

An accounting method where revenue or expenses are recorded when a transaction occurs vs. when payment is received or made

what is Accrual Accounting?

400
This system is used to analyze and record a transaction
What is a double-entry accounting?
500

What national park spans throughout Arizona, Utah, Nevada, and Colorado?

What is the Grand Canyon?

500
The term used to explain how quickly a company can convert assets into cash.
What is liquidity?
500

LEADING THE MWG WAY - 3 Leadership Principles.

What is Think, Act, Develop People?

500

____ refer to long-term assets that a company holds for more extended periods.

Fixed assets

500
Income earned from the sale of goods or services is called?
What is revenue?
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