Accounting 1
What kind of Account is land?
Asset
when supplies are purchased with cash, what will happen to the cash account?
What does CTO stand for?
Chief technology officer
What is a substitute?
Pairs of goods that are used in place of each other.
What is the name of our faculty advisor?
Dr. Mark Hughes
What is the basic accounting equation?
Assets = Liabilities + Stockholder's Equity
When an expense occurs, is the Expense account debited or credited?
Debited
Who is the best Business Law professor?
Paul Morgan
What happens to the fixed cost when you increase production by 10?
It stays the same. It is fixed.
What LLC World was Angel in during her freshman year?
World of Business
What does GAAP stand for?
Generally Accepted Accounting Principles
What is the difference between Assets and Stockholder's Equity? (reply with one word)
Liabilities
How do you calculate Profit?
Revenue - Expenses
What do you call the intersection between the Supply and the Demand curve?
Equilibrium
What are Claudia and Angel's Majors?
Claudia: Business Administration
Angel: Accounting
What are the names of the 4 financial statements?
Income Statement, Statement of Retained Earnings, Balance Sheet, Statement of Cashflow
What do you calculate with Revenues - Expenses?
Net Income / Net Loss
What is the name of the biggest business newspaper?
The Wall Street Journal
What do you call the place where there is a group of buyers and sellers of a particular good or service?
Market
Where are Angel (city) and Claudia (country) from?
Angel: Syracuse
Claudia: Switzerland
On which financial statement do you report deferred revenue
Balance Sheet
What does LLP stand for?
Limited Liability Partnership
What are the names of the Big Four?
PwC, EY, KPMG, Deloitte
What do you call the next best alternative that you had to give up because you chose a particular option?
Opportunity Cost
When is Dr. Hughes Birthday?
September 23.