Raising the Standard
In 2018, a significant accounting standard was introduced that changed how companies recognize revenue. This standard emphasizes the transfer of control over goods and services to customers. What is this standard?
ASC 606
In Excel, there’s a quick way to sum a range of cells without manually typing the formula. What is the keyboard shortcut that allows you to do this?
Alt + =
What ancient calculating tool, often made of wood or stone, was used for performing arithmetic operations long before modern calculators?
Abacus
This top-level executive is the financial counterpart to the CEO, often presenting reports to the board and guiding the company’s fiscal strategy.
Chief Financial Officer (CFO)
This small, round object can jingle in your pocket or be flipped to make a decision—heads or tails?
Coin
A new lease accounting standard came into effect in 2019, requiring most leases to be recorded on the balance sheet, fundamentally changing how companies report their liabilities. What is this standard?
ASC 842
This feature in Excel allows you to quickly apply formatting to a range of cells based on specific criteria, such as highlighting the highest or lowest values. What is this feature called?
Conditional Formatting.
In the early 20th century, the establishment of professional accounting organizations began to shape the field, leading to the creation of standardized practices. What is the name of the organization founded in 1887 that played a key role in this development?
AICPA (American Institute of Certified Public Accountants)
This area of corporate finance ensures the company stays on the right side of the IRS while strategically reducing what it owes.
Tax
This lively dance, often performed in pairs, originated in Argentina. It is also featured in the NATO phonetic alphabet.
Tango
What was the primary organization that issued guidance before the Accounting Standards Codification (ASC)?
Accounting Principles Board (APB)
In Excel, this function is used to combine text from multiple cells into one cell. What is this function called?
CONCATENATE (or TEXTJOIN in newer versions)
In response to major corporate scandals, a landmark legislation was enacted in 2002 to enhance corporate governance and accountability, aiming to protect investors. What is the name of this act?
Sarbanes-Oxley Act (SOX)
This team is behind the numbers that shape the future—handling forecasts, budgets, and performance analysis to guide leadership decisions.
Financial Planning and Analysis (FP&A)
It’s tiny, it flies, and it’s often mistaken for a mosquito—but this insect’s name is also a perfect anagram of “Tang.”
Gnat
The Accounting Standards Codification was developed to organize U.S. GAAP into a more accessible format. What year was the ASC officially launched?
2009
This Excel function allows users to search a range or array and return a corresponding value from another range or array, which was introduced in 2019. What is this function called?
XLOOKUP
Often referred to as the "Father of Accounting," this Italian mathematician published a seminal work in the 15th century that introduced the concept of double-entry bookkeeping. Who is he?
Luca Pacioli
This function keeps the company liquid and strategically funded, managing everything from daily cash flow to long-term capital investments.
Treasury
This sleek swimmer is both a sushi staple and a deep-sea predator, known for its speed and protein-packed meat?
Tuna
The chair of the Financial Accounting Standards Board (FASB) plays a crucial role in setting accounting standards in the U.S. Who currently holds this position, having taken over in July 2020?
Richard R. Jones.
Excel worksheets have a limit on the number of rows they can contain, which can impact data analysis for large datasets. What is the maximum number of rows allowed in a single worksheet?
1,048,576
The Conceptual Framework outlines four enhancing qualitative characteristics that improve the usefulness of financial information. This one allows users to identify similarities and differences between two sets of economic phenomena, making cross-company or year-over-year analysis possible.
Comparability
This team acts as the bridge between a company and its shareholders, crafting earnings calls, financial disclosures, and messaging to the investment community.
Investor Relations
This sure-footed farm animal is known for its climbing skills and bleating—but in sports and pop culture it can refer to a living legend like Michael Jordan or Taylor Swift.
Goat or G.O.A.T