CPA
How many credits do you need to take the CPA
150
Which side do debits go to
left
what is an audit
the confirmation and checks of another company's financial statements
Nanda knows accoutning?
no
Who are the two parties involved in consolidations
Sub and parent
How many credits do you need to get your certification
150
What is the entry for someone buying 1 dollar worth of land with cash
credit the cash for 1 dollar
What are internal controls there to prevent
fraud
Nanda pretends to be cool
yes
what is the first step of consolidation
find out what percent you have vs what the rest of the company is worth
What are the four sections
Audit, Tax, FAR, BEC
What happens when you have a negative balance
need to find the balance otherwise this is impossible
give an example of a internal control
many answers work
Nanda wants to be an accountant
no
What is a consolidation
the purchase of equity of a company
How long do you have to pass the other 3 sections after passing the first test
Can you debit cash?
yes
where does an auditor send their work after completing the audit
Quality control
Nanda is a dirty bum
How many different ways can you account for consolidation
3
What is the pass rate of the CPA exams
50%
journal: the purchase of common stock worth 500 at par if the market value is now 700
debit Gain of 200
credit 700 common stock
Who needs to sign off on the audit after the work is complete
CPA Accountant
how old is nanda
23
What is GAAP
Generally Accepted Accounting Principal