Balance Sheet
What is the difference between current assets and non-current assets
Current are more liquid and will be used within a year
Non-current are less liquid and will be held for longer than 1 year
Formula for Net profit
Total Revenue - Total Expenses = Net Profit
This section includes cash from sales and payments to suppliers.
Operating Activities
Who are creditors?
Entities that loan money
Name 5/6 countries with a cardinal direction in their name
South Sudan, South Korea, North Korea, North Macedonia, South Africa, East Timor
Assets, Liabilities, Equity
Rent, utilities, and salaries are examples of these expenses
Operating Expenses
Selling stock would be considered this type of activity
What is liquidity?
How easily something can be converted into cash
Name 1 of 2 flags with pink in them
Spain, Mexico
What is the accounting equation
Assets = Liabilities + Equity
This account shows money earned from regular business operations
Operating revenue
Buying or selling these is part of investing activities
Long term assets
What are the three main types of accounting?
Financial, managerial, and tax
In my opinion, what is the worst pasta?
Spaghetti
What is the entry for revenue you have earned, but not yet recieved
Accounts receivable
What does SG&A stand for?
Selling, General & Administration expenses
Financing activities
What does GAAP stand for?
Generally Accepted Accounting Principles
Name one sticker on my water bottle
Answer
What section of the balance sheet would "prepaid rent" go under?
Current asset
A local bakery had total sales revenue of $50,000 for the month of March. Their expenses, including cost of goods sold, rent, utilities, and salaries, totaled $37,500.
What is the profit margin for the bakery in March?
25%
How much cash is in circulation in the USA? (+/- 1 billion)
2.378T
What does FASB stand for?
Financial Accounting Standards Board
Guess this company based on initials from their Slogan: W H T M
Arby's