Trivia
Bright pink substance invented by an accountant in 1928
What is Bubblegum?
The purpose of accounting
What is to
1. Identify,
2. Record, and
3. Communicate financial information?
The debt a firm owes to others is called
What is a liability?
Handles the financial work such as payroll, taxes, and more
What is Financial Accounting?
This function uses the financial statements that accountants make
What is Finance?
First state to administer a Certified Public Accountant (CPA) Examination in 1896
What is New York?
Types of business organizations that use accounting
What are sole proprietorships, partnerships, and corporations?
The term for all resources that come into the firm from operating activities
What is Revenue?
Creates budget plans for a business and monitors spending of the company
What is Cost Accounting?
This function works with accountants to determine wage decreases or increases depending on a company’s financial health
What is Human Resource Management?
First female CPA in the United States
Christine Ross
Ranges of Jobs in Accounting
All revenue minus all expenses and taxes
What is net income?
Works with individuals or businesses to plan and reach their financial goals
What is a Certified Public Accountant (CPA)?
By compiling financial statements, the accounting department assists _______ in determining the business's profitability.
What is Marketing?
An American Multinational Company whose co-founder is a CPA
What is Nike?
-The company was actually created as one of his MBA courses
1. Keeping books current and accurate
2. Social and communication skills
3. and knowing laws to minimize errors are
What are three measures of success?
The "language of business"?
What is accounting?
Used to direct the organization in their financial processes
This function works with accounting to create superior systems that can improve their company’s efficiency and effectiveness
What is Supply Chain Management?
The "Father of Accounting"
Who is Luca Pacioli?
Median salary of entry level CPAs
What is $63,587?
The principles, defined by FASB, that accountants must follow to assure that a firm's accounting information is accurate are abbreviated as
What is Generally Accepted Accounting Principles (GAAP)?
Review financial statements to identify potential risks to the company and how to prevent or solve these risks
What is Auditing?
Tools and services created by this function assist accountants in completing tasks
What is Information Technology?