Financial Accounting
What is the basic accounting equation?
Assets=Liabilities+Equity
How many parts of the exam must you pass
Four - 3 Core Sections and 1 Discipline
What is the main difference between public and private?
Public accounting works on a variety of clients across various industries, where private accounting only works on one company or family of companies.
Who is the managing partner of LGA?
John Geraci
Who painted the Mona Lisa?
Leonardo da Vinci
What type of account is Accumulated Depreciation
Contra-Asset
What is a passing score for any given CPA exam
75
What is the term for the annual busy season in public accounting, typically occurring from January through April?
Tax Season
How many offices does LGA have?
3
Bonus points if you can name all three!
What is the smallest country in the world by land area?
Vatican City
Name the four main financial statements
Income Statement
Balance Sheet
Statement of Cash Flows
Statement of Shareholder's Equity
Name the three "E"s required to be licensed as a CPA in MA
Exam
Education
Experience
In some states, there is a fourth 'E' - Ethics. In MA, this is built-in to Education as a college course requirement
What are the names of the "Big 4" accounting firms?
Deloitte
EY
KMPG
PwC
How many LGA fundamentals are there
33!
What is the largest desert in the world?
Antarctica
What type of account is Deferred Revenue
Liability
How long is exam credit valid for after passing
30 months
What is one way that private accounting and public accounting work together
Private company hires a public firm for tax and/or audit services
What are the four major service lines at LGA?
Tax
A&A - Audit & Assurance
BAS - Business Advisory Services
OMA - Outsources Management Accounting
DOUBLE JEOPARDY!!
What company is the largest producer of tires?
LEGO!
What is the term for profits that are reinvested in the business rather than paid out as dividends?
Retained Earnings
Name the three core sections and three discipline sections of the CPA exam (full name, not just the acronym!)
AUD - Auditing and Attestation
FAR - Financial Accounting and Reporting
REG - Taxation and Regulation
BAR - Business Analysis and Reporting
ISC - Information Systems and Controls
TCP - Tax Compliance and Planning
CFO - Chief Financial Officer
or
CAO - Chief Accounting Officer
In what year was LGA founded?
1980!
Name the four members of "The Beatles"
John Lennon
Paul McCartney
Ringo Starr
George Harrison