Accounting Questions
What does GAAP stand for?
Generally Accepted Accounting Principles
What year was Wiss founded?
1969
Approximately how many employees are at Wiss? Closest answer wins.
Between 450-500
Name 2 of Wiss' main departments.
Tax, Assurance, Advisory, Wealth Management
What are the 4 main components of a financial statement?
Balance Sheet, Income Statement, Statement of Changes in Equity and Cash Flow Statement
What do we call employees who leave Wiss and come back to work at Wiss?
Boomerangs
What is the name of the Managing Partner at Wiss?
Name an industry that Wiss performs services for?
If a company buys office supplies for $500 cash, what accounts are affected? (provide the debits and credits)
Debit - Office Supplies $500 and Credit - Cash $500
How many offices does Wiss have? BONUS: if can name all locations.
4 offices: Florham Park, Flemington, NYC and Boca Raton
What is the name of the Partner who runs our Advisory practice at Wiss?
Paul Ursich
Which department at Wiss performs Reviews and Compilations?
Assurance
A company prepaid $12,000 for insurance on July 1 for a 12-month policy. What are the adjusting entries at year-end?
Where was the Wiss office before we moved to Florham Park?
Livingston, NJ
Who is Wiss' Chief Operating Officer?
Amanda Dominguez
What is a Month End Close?
An accounting procedure that finalizes and closes our all financial activity for a business for the preceding month.
What is the purpose of a trial balance, and what does it mean if it doesn’t balance?
A trial balance is a report that lists all the accounts and their balances from the general ledger at a specific point in time. When it's out of balance it could mean: 1. a transaction was recorded only on one side (debit or credit), 2. Incorrect amounts posted, 3. Missing entries
How many female Partners are at Wiss? Closest answer wins.
11
Peter Rudnik
Who runs our Wealth Management Team at Wiss?
Stephanie Hughes