BOOKKEEPING
Property or items of value owned by a business.
What are Assets?
The common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements in the U.S.
What are Generally Accepted Accounting Principles (GAAP)?
The tax identification number assigned to individuals.
What is a Social Security Number?
The greeting gesture most make when meeting someone.
What is a Handshake?
Not counting tax, the equal share of splitting a $10 Costco Pizza between 4 people.
What is $2.50?
The main accounting record of a company or organization.
What is the General Ledger?
Goods held for sale.
What is Inventory?
These expenses are subject to 50% tax deductability.
What are Business Meals? (Before 2018, also Entertainment)
The two magic words
What are Please and Thank You?
The name of the University of Hawaii football stadium.
What is Aloha Stadium?
The ledger account that is most often used in a journal entry of an operating business.
What is Cash?
Having an arm's-length relationship, meaning no special or close relationship.
What is Independent?
Christopher Bullock is credited with a famous saying, that assures people of only these two things in life.
What are Death and Taxes?
A continuation or repetition of something that has already been started or done.
What is a Follow-Up?
The drink that people favor drinking in the morning to start their days, give them energy late at night, or help with a hangover.
What is Coffee?
Equal to Assets less Liabilities.
What is Owner's Equity?
Selecting a small but pertinent and representative number of records to represent the entire population of records.
What is Sampling?
The 4.5% tax, on Oahu, for nearly all business sales.
What is General Excise Tax?
Refers to the total perceived benefits a client expects from a company's product or service.
What are Client Expectations?
The University of Hawaii college of business.
What is the Shidler College of Business?
The term used to explain how quickly a company can convert assets into cash.
What is Liquidity?
The importance placed on an area of financial reporting based on its overall significance.
What is Materiality?
Business structure that can combine the pass-through taxation of a partnership with limited liability.
What is a Limited Liability Corporation (LLC)?
The maximum cost of a gift a business can give an individual, not another business, while still being able to fully deduct the cost for tax purposes.
What is $25?
Cliché food that college students buy the most.
What is Instant Ramen?