Accounting Songs
Accounting Basics
The Other Side
Real of Fake
Internal Controls
100
If I had a Million Dollars by Bare Naked Ladies
100
What does CPA stand for?
Certified Professional Accountant or Can't Pass Again
100
DDT hosts an event for DWU which will cost DWU $5,000. DWU will pay them at the end of the month. DDT records +$5,000 in Sales. What is the other side?
+$5,000 in Accounts Receivable
100
The passage of the Inflation Reduction Act, the IRS will see an increase in funding to hire 87,000 new agents. This will help the IRS surpass the US Postal Service to become the second largest employer in the US government.
Fake
100
There are three primary purposes for internal controls. Two are to ensure 1)Accurate Information and 2)Compliance with Laws & Regulations. What is the third?
Safeguard or Protect Assets
200
Taxman by The Beatles
200
Is a Unearned Revenue an 1)Asset, 2)Liability, 3)Equity, 4)Expense, or 5)Revenue
Liability
200
Shovel Shoes pays cash for $1,000 in merchandise for their inventory. They record -$1,000 in cash. What is the other side?
+$1,000 in Inventory
200
The core of the IRS's computer system for processing tax return was created in the 1960's. Despite over 40 years of trying to update or replace this system, the IRS relies on it to this day.
Real
200
How would a company ensure that a delivery employee is actually out on a delivery and not hanging out at their friend's place?
Tracking App or GPS Tracking
300
Billionaire by Travis McCoy & Bruno Mars
300
There are two main types of accounting. One is Cash Accounting. What is the other type?
Accrual Accounting
300
Shovel Shoes purchases $500 in sports vests from a company that will bill them later. Shovel Shoes records +$500 in Inventory. What is the other side?
+$500 in Accounts Payable
300
The IRS will not except checks over $100 million. If someone owes more than $100 million, the IRS recommends sending more than one check.
Real
300
True or False: Company culture can have a big impact on internal controls.
True
400
Moneytalks by AC/DC
400
When a company buys an asset like a building or vehicle, is the asset recorded at Cost or Market Value?
Cost
400
DWU was not happy with the even DDT hosted for $5,000. They complained that an open bar was against school policy...and poorly stocked. DDT had written off the debt as +$5,000 to Bad Debt Expense. Recently DWU changed their mind and sent a check for $5,000 to pay for the event. DDT recorded +$5,000 to Cash. What is the other side?
-$5,000 to Bad Debt Expense
400
As part of an effort to improve their image, the IRS has followed the example of Chick-Fil-A and now requires their employees to say "My pleasure" whenever a taxpayer thanks them.
Fake
400
What is the rule for protecting cash when it is being counted?
Always have two or more people counting it.
500
Money by The Flying Lizards
500
Bob Newhart
500
Shovel Shoes took out a loan for $85,000 to purchase a warehouse for their inventory. They record +$85,000 for Buildings in the asset section. What is the other side?
+$85,000 in Loans or Debt
500
According to the IRS, income from criminal activity is taxable and should be reported on your tax return in Schedule 1 of Form 1040
Real
500
What is the process called for making sure the bank statement agrees with the accounting records by checking off payments and deposits that cleared the bank?
Bank Reconciliation