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Balance Sheet
Income Statement
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Accounting Terms
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100

A financial statement that reports the assets and claims to those assets at a specific point in time.

What is the balance sheet?

100

A financial statement that presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time.

What is the income statement?

100
Current Assets / Current Liabilities
What is the current ratio?
100
This baseball player holds the record for most regular season MVPs won.
Who is Barry Bonds?
100
This television show holds the record for longest running for a prime time TV drama.
What is Law and Order (or Gunsmoke)?
200

A category on the balance sheet that includes cash, accounts receivable, equipment, and inventory.

What are assets?

200

The difference between revenue and expenses.

What is net income?

200
Total Liabilities / Total Assets
What is Debt to Asset ratio?
200
A report prepared by corporate management that presents financial information including financial statements, notes, a management discussion and analysis section, and an independent auditor's report.
What is an annual report?
200
This terminology is reflected as the difference between unit sales price and unit variable cost.
What is the contribution margin?
300

Accounts representing short term obligations under one year

What are current liabilities?

300

A category on the income statement that represents the write off of uncollectible receivables.

What is bad debt?

300
The current ratio of a company with current assets of $300,000 and current liabilities of $100,000
What is 3?
300
Regulations passed by Congress in 2002 to try to reduce unethical corporate behavior.
What is Sarbanes Oxley?
300
The difference between budgeted and actual expenses?
What is a variance?
400

The amount of net income retained in the corporation.

What are retained earnings?

400

October 1 to September 30

FISCAL YEAR

400
The total amount of assets of a company with total liabilities of $300,000 and total stockholder's equity of $250,000.
What is $550,000.
400
A set of rules and practices, having substantial authoritative support, that the accounting profession recognizes as a general guide for financial reporting purposes.
What is Generally Accepted Accounting Principles (GAAP)?
400
Name the music group that performs the following song.
Who is Earth, Wind, and Fire?
500

The owners' claim to assets.

What is owners equity?

500

This item on the income statement is considered a noncash expense that is directly tied to fixed assets such as equipment, vehicles, or buildings.

What is depreciation?

500
The value of current assets when the current ratio is 2 and current liabilities are $400,000.
What is $800,000.
500
Transactions that are recorded to the accounting records in the periods in which the events occur, not when it's paid.
What is accrual basis accounting?
500
In 1989, the MLB World Series was temporarily suspended due to an earthquake involving these two teams.
Who are the Oakland A's and San Francisco Giants?