Acronyms
GAAP
What are generally accepted accounting principles?
The four types of financial statements.
What are the balance sheet, the income statement, the statement of cash flows, and the statement of shareholders' equity?
The accounting equation.
What is Assets = Owners' Equity + Liabilities?
What is a journal?
This accounting professor won the COB's Teacher of the Year award for the 2019-2020 school year.
Who is Sheila Milligan?
SEC
This is the first figure listed on every income statement.
What is revenue/sales?
Revenue - Variable Costs.
What is the Contribution Margin?
This stage of the accounting cycle comes after journalizing entries.
What is posting to general ledger?
This accounting professor has a Juris Doctor.
FASB
What is financial accounting standards board?
Publicly traded companies are required to produce income statements this often.
What is quarterly?
Gross margin.
What is Net Sales - Cost of Goods Sold?
This is the last stage of the accounting cycle.
What is preparing a post-closing trial balance?
This accounting professor has a PhD in Manufacturing Management and Engineering.
Who is Robert Hutchinson?
FDIC
Assets on a balance sheet are organized in terms of this.
What is liquidity?
Profit Margin.
What is Net Income/ Revenue?
This stage of the cycle comes after adjusting the trial balance.
What is making financial statements?
This accounting professor rides a unicycle.
Who is Sheila Milligan?
EDGAR
What is the Electronic Data Gathering, Analysis, and Retrieval system?
The three types of activities found on a statement of cash flows.
Contribution Margin Ratio
The stage of the cycle comes after posting entries to the general ledger.
What is preparing an unadjusted trial balance?
Who is Joel Tuoriniemi?