ACCOUNTING BASICS
This fundamental accounting equation is Assets = Liabilities + Owner's Equity.
What is the accounting equation?
This form is used by individuals to file their annual income tax return in the United States.
What is Form 1040?
The year that CBIZ was founded
What is 1996?
This person is known as the "Father of Accounting" and wrote the first book on double-entry bookkeeping.
Who is Luca Pacioli?
What GAAP stands for.
What is Generally Accepted Accounting Principles?
This principle requires revenue to be recognized when it is earned, regardless of when it is received.
What is the revenue recognition principle?
A business structure where income is passed directly to owners or investors, such as S-corporations or partnerships.
What is a "pass-through" entity?
The location of the headquarters of CBIZ.
What is Cleveland, Ohio?
A famous political figure that was an accountant before their political career.
Who is Arthur Andersen?
The organization responsible for setting accounting standards in the U.S.
What is Financial Accounting Standards Board (FASB)?
The process of distributing the cost of a tangible asset over its useful life.
What is Depreciation?
This tax concept allows businesses to delay the payment of taxes on income until it is actually received.
What is the deferral method?
What CBIZ stands for.
What is Century Business Services, Inc.?
This CPA became infamous as the CFO involved in the Enron scandal.
Who is Andrew Fastow?
The act passed in response to accounting scandals to protect investors by improving the accuracy and reliability of corporate disclosures.
What is the Sarbanes-Oxley Act?
This principle dictates that expenses should be recorded in the period they are incurred, regardless of when the cash flows occur.
What is the Matching Principle?
The Internal Revenue Code Section 1031 provides for the deferral of gain on the exchange of this type of property.
What is Like-Kind Property?
This is the name of the founder of CBIZ.
Who is Steven L. Gerard?
This woman was the first female CPA in the United States.
Who is Christine Ross?
This U.S. government agency is responsible for enforcing federal securities laws and regulating the securities industry.
What is the Securities and Exchange Commission (SEC)?
The type of accounting that deals with the summary, analysis, and reporting of financial transactions.
What is Financial Accounting?
The highest income tax rate in history in the United States was during World War II and the post-war period and was part of a progressive tax system aimed at funding the war effort and the subsequent economic recovery.
What is 94%?
The company that CBIZ was initially a spinoff from.
What is Century Business Services, Inc.?
The first black CPA in the United States, earning his certification in 1921
Who is John W. Cromwell, Jr. ?
The framework used by the FASB to establish and improve financial accounting and reporting standards.
What is the Conceptual Framework?