Vocabulary
Assets = Liabilities + Equity
What is the Accounting Equation?
This financial statement shows a company’s revenues and expenses over a period of time.
What is the Income Statement?
Money owed to a business by customers who purchased on credit.
What is Accounts Receivable?
Finish this popular vine quote: "Hurricane Katrina? more like ____!"
What is "Hurricane Tortilla"?
Home is where the ___ is!
What is the Arch?
This type of account tracks what a company owes to vendors and suppliers for goods or services purchased on credit.
What is Accounts Payable?
This statement reports how cash is generated and used in operating, investing, and financing activities.
What is the Statement of Cash Flows?
This type of account increases with a credit and decreases with a debit (There are two correct answers to this question. If you only guess 1, you will still receive the 200 points. If you guess both, you receive 250 points).
What is a Liability Account (or Equity Account)?
If you have me, you want to share me. If you share me, you haven’t got me. What am I?
What is a secret?
The name of the furthest UGA dining hall.
What is the Niche?
This financial statement shows a company’s financial position at a specific point in time, listing assets, liabilities, and equity (in other words, a snapshot of a company's current financial standing).
What is the Balance Sheet?
This statement shows changes in ownership interest, such as retained earnings and dividends.
What is the Statement of Shareholders’ Equity?
In 2019, TikTok users stormed the internet with a plan to raid this top-secret U.S. military site.
What is Area 51?
What is the total number of national championships the UGA football team has won?
What are 4 national championships?
The sum of a company's earnings from prior periods, after deducting any dividends paid to the company's shareholders.
a) Common Stock
b) Retained Earnings
c) Additional Paid-In Capital
d) Revenue
b) Retained Earnings
This section of the cash flow statement shows cash transactions involving stock issuance, dividends, and borrowing.
a) Operating Activities
b) Investing Activities
c) Financing Activities
d) Non-Cash Activities
c) Financing Activities
When a company pays cash to settle a liability, the effect on the accounting equation is:
a) Assets increase, Liabilities decrease
b) Assets decrease, Liabilities decrease
c) Assets decrease, Equity increases
d) Assets decrease, Liabilities increase
b) Assets decrease, Liabilities decrease
This 2017 horror film by Jordan Peele used the phrase “Sunken Place” to describe a loss of control.
What is "Get Out"?
The name of the staircase connecting the central campus to North Campus, located at the intersection of Sanford Drive and Baldwin Street (when you walk past Tate and MLC, the stairs are located across the road once you walk across the crosswalk).
What are Million Dollar Stairs?
This method of accounting recognizes revenue when it is earned and expenses when they are incurred, regardless of when cash is exchanged.
a) Cash Basis Accounting
b) Accrual Basis Accounting
c) Modified Cash Basis Accounting
d) Deferral Accounting
b) Accrual Basis Accounting
Comprehensive income includes net income plus these unrealized gains and losses.
a) Extraordinary Items
b) Other Comprehensive Income (OCI)
c) Retained Earnings
d) Operating Income
b) Other Comprehensive Income (OCI)
When a company records depreciation expense, which accounts are affected?
a) Cash decreases and Accumulated Depreciation increases
b) Depreciation Expense increases and Accumulated Depreciation increases
c) Depreciation Expense decreases and Equipment decreases
d) Equipment decreases and Retained Earnings increases
b) Depreciation Expense increases and Accumulated Depreciation increases
You go at red, but stop at green. What am I?
What is a watermelon?
What is the official name of our mascot (Hint: not Hairy Dog, but the actual living, breathing bulldog. 50 extra points if you say the number of the current bulldog; another 50 points extra if you can say what number he is).
What is UGA, pronounced UH-GUH? (Our current bulldog is named Boom, and he is 11th in line).