Financial Statements
Financial Statement that shows revenues and expenses for a period.
What is the Income Statement?
Costs that do not change with production.
What are Fixed Costs?
Audit opinion meaning fairly presented.
What is Unqualified Opinion?
Form used for individual income tax return.
What is Form 1040?
Named after these two aviation pioneers.
Who are Orville and Wilbur Wright?
Financial Statement that reports assets, liabilities, and equity at a specific date.
What is the Balance Sheet?
Sales minus variable costs equals this margin
What is Contribution Margin?
Seperates authorization and recordkeeping
What is Segregation of Duties?
Deduction taken instead of itemizing.
What is the Standard Deduction?
Name of the student ran cafe formerly located in Rike Hall.
Financial Statement that explains cash inflows and outflows.
What is the Statement of Cash Flows?
This occurs when revenue equals total costs.
What is Break-Even Point?
Acting honestly and fairly.
What is Integrity?
Credit that can generate a refund beyond tax owed.
What is a Refundable Credit?
Name of the mascot of Wright State that originally appeared as a red-bearded Viking and was changed to a wolf.
Who is Rowdy Raider?
Type of income statement that calculates net income by separating operating revenues and expenses from non-operating items.
What is a two-step or multi-step income statement?
Cost method where costs are allocated to activities.
What is Activity-Based Costing?
This threat occurs when an auditor or firm reviews their own previous work, judgment, or non-audit services while performing an audit, potentially impairing their objectivity.
What is Self-Review Threat?
This is generated when a C-Corporation is at a loss for the year.
What is a Net Operating Loss?
Wright State is know for having nearly two-miles of these connecting 21 of 22 academic buildings.
What are Tunnels?
On a cash flow statement, dividends paid during the year are found under this activity.
What is a Financing Activity?
This method uses the highest and lowest activity levels to determine the variable cost per unit and total fixed costs.
What is the High-Low Method?
Law passed in direct response to the Enron and WorldCom accounting sandals.
What is Sarbanes-Oxley?
Income taxed at increasing rates.
What is Progressive Tax System?
Official name of the bright red sculpture nicknamed BART.
What is Turning Points?