Accounts Payable
The accounts payable general ledger accounts falls under this type of account.
What is liability?
The amount collected for the sale of goods and services
What is Revenue?
This type of company is known as an LLC.
What is Limited Liability Company?
The "Big 4" refer to what four CPA firms
What are Deloitte, KPMG, Ernst & Young, and PricewaterhouseCoopers?
This report is made up of operating, investing and financing activities.
What is cash flow statement?
Accounts Payable accounts typically have this type of balance
What is credit?
When a customer's account is deemed uncollectible and written off, this account is debited
What is Bad Debt Expense?
Percent of COGS over revenue
What is Gross Profit Margin?
This equation can be calculated by dividing operating profit with capital employed.
12 month period that a company uses to report it financial statements
What is fiscal year?
RNI
What is Received Not Invoiced?
An invoice for $1000 has terms of 2/10,n30. What amount will be paid by the customer if paid within the discount period?
What is $980?
Basis upon which receipts and expenses are recorded when incurred
What is cash basis?
This type of security is determined by YTM or yield to maturity.
What are bonds?
Official documents that are sent in to the government to form a company
What are the Articles of Incorporation?
IRS form distributed in January to vendors to whom you have made payments in the previous year.
What are 1099s?
FOB stands for
What is Free on Board?
The cost of an asset minus the depreciation.
What is net book value?
Copyights, goodwill, and patents are a type of this specific non-current asset.
What is intangible asset?
In 1896, the first CPA Exam was given in this state.
What is New York?
DPO
What is Days Payable Outstanding?
DSO
What are Days Sales Outstanding?
GAAP stands for
What is Generally Accepted Accounting Principals?
Type of depreciation where a higher expense is incurred in the early years and a lower expense in the latter years of an asset's useful life.
What is Sum-of-the-Year's Digits Depreciation Method?
This Italian is known as the father of accounting
Who is Luca Pacioli?