I Excel at Accounting
Recorded on the right side of the balance sheet, this includes items like debt, accounts payable, and deferred revenues
What are Liabilities?
Karim buys ingredients for Custard Co. for $15. He uses all ingredients to make ice cream and sells it for $20. What is his revenue for the period?
$20
This politician advocated for a 4 day, 32 hour work week.
Who is Bernie Sanders?
Located in Columbus, OH, this university is Michigan's biggest rival in which the two teams compete in what is known as "The Game" every November
What is the Ohio State University?
The position Karim holds at Custard Co.
What is VP of Marketing/Operations?
These two terms are bookkeeping entries that balance each other out, oftentimes written out on a T chart
What are Debits and Credits?
Cash = $20, Equipment = $50, Debt = $30. What is the value of shareholders equity?
$40
This is the the central bank of the United States, responsible for managing monetary policy and regulating the financial system
What is the Federal Reserve?
The Michigan football team beat these two schools in the College Football Playoff on their road to winning a national championship this past season
What is Alabama and Washington?
The subject of the class at Michigan that Karim and Aryan have together.
What is Entrepreneurship (or Marketing)?
The initial investment in a business. It can be in the form of cash, machinery or other equipment.
What is Capital?
If Aryan buys a $100 worth of tennis balls for tennis coaching business with all cash, by what amount does assets change?
No change
This social media company just went public and started to sell shares on the stock market a few days ago.
What is Reddit?
This song, played by the band and sung by thousands during every sporting event, is the name of the official fight song of the University of Michigan
What is The Victors?
Besides tennis, this is the sport Aryan played in high school
What is baseball?
The amount owed to a firm for goods or services that have been delivered or used but not yet paid for by customers
What is Accounts Receivable?
Karim and Aryan each spend $10 to buy Ross water bottles for their MREACH students. Karim pays with a credit card and Aryan pays in cash. Walk me through the transaction and how it affects the items on the balance sheet from Karim and Aryan's perspective.
Inventory up 20, Cash down 10 = Assets up 10
Accounts Payable up 10 = Liabilities up 10
No change to SE
Yielding returns of 8-10% on average per year, the S&P 500 index has seen this much growth in the past year.
What is 32.5%?
Written in bold in the tunnel that all football players run through before heading onto the field, this phrase embodies the culture at the University of Michigan
What is The Team, The Team, The Team?
The number of years in total that Aryan and Karim participated in MREACH as students
Earnings that a firm keeps within the business and are not given back to investors
What is Retained Earnings?
Revenue = $100, Cost of Goods Sold = $40, Cash = $10, Debt = $15, Equipment = $10, Operating Expenses = $30, Taxes = $5. What is net income?
$25
TikTok is facing a threat to be banned in the United States. However, not many know that TikTok is owned by another company. This is TikTok's parent company.
What is ByteDance?
The University of Michigan holds the top spot for the most number of wins amongst any school in college football. This is their all-time winning percentage.
What is 73.3%
Aryan and Karim disagree on very few things, one of which is a STRONG disagreement between which of these 2 are better.
What is Spotify and Apple Music?
(spotify is better)