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Accounting
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100
The system of accounting where each transaction alters two ledger accounts.
What is double entry accounting?
100
This is the highest rating given to corporate bonds by credit rating agencies.
What is AAA?
100
This is a “buzzword describing fraudulent activities performed by corporations in order to falsify their financial statements.
What is "cooking the books"?
100
This company had the largest bankruptcy reorganization in American history at that time, this company was attributed as the biggest audit failure.
What is Enron?
100
A legal concept that separates the personality of a corporation from the personalities of its shareholders, and protects them from being personally liable for the company's debts and other obligations. This protection can be pierced with a court order.
What is the Corporate Veil?
200
The standards governing the accounting practice are known by this acronym.
What is GAAP?
200
This is a collective invest scheme designed to replicate the average performance of a market sector through diversified holdings that are held constant during all market conditions.
What is an index fund?
200
A term used to describe the strategy utilized in the American bailout. Money was given to the executives at the top and that money was supposed to then be used for the people at the bottom.
What is the "trickle-down effect"?
200
A type of economic bubble that occurs periodically in local or global real estate markets. This bubble was partially blamed for the 2008/2009 recession.
What is the housing bubble?
200
The term represents members jockeying for power or advantages that are non-business and not inherently advantageous to the company.
What are office politics?
300
An evaluation performed by an internal or external professional checking for errors, misstatements, or fraud.
What is an audit?
300
This is when the securities of a public corporation are traded by individuals using information unavailable to the general public.
What is insider trading?
300
Anyone who has and reports insider knowledge of illegal activities occurring in an organization. They can be employees, suppliers, contractors, clients or any individual who somehow becomes aware of illegal activities taking place in a business either through witnessing the behavior or being told about it.
What is a whistle-blower?
300
This acronym represents government sponsored loan and mortgage services. (No GSLMS is not the acronym.)
What is Freddie Mac/Fannie Mae?
300
A major factor in American business. Discriminating employees about this subject counts as a violation of their 1st amendment rights.
What is religion?
400
The processes within an organization that endeavor to prevent embezzlement or fraud.
What are internal controls?
400
A site of exchange for financial securities (Or goods/services) that is run in a fair, reliable, secure, accurate, and efficient way.
What is a fair(/orderly) market?
400
A statement written upon the front of an audit done by a professional auditor. It suggests that the information provided was limited in scope and/or the company being audited has not maintained GAAP accounting principles.
What is a qualified opinion?
400
This act increased the level of independence of auditing and other third party accounting agencies and forced top management to assume responsibility for any piece of paper with their name on it. This act was passed in response to the 2001 scandals.
What is Sarbanes-Oxley?
400
The primary federal regulatory agency for the securities industry, whose responsibility is to promote full disclosure and to protect investors against fraudulent and manipulative practices in the securities markets.
What is the SEC?
500
A strategy to reduce tax liability in the coming period or overall.
What is tax planning?
500
A business arrangement between two entities who are closely joined due to family relations or the ability to exert incredible influence on the other entitiy prior to the deal.
What is a related party transaction?
500
This is the non-profit professional organization of certified public accountants in the U.S. It was founded in 1887 in order to ensure that accountancy gained respect as a profession and that it was practiced by ethical, competent professionals. It exists to provide more than 370,000 members with the resources, information and leadership to provide CPA services in the highest professional manner.
What is the AICPA?
500
A colloquial term for giving a loan to a company or country which faces serious financial difficulty or bankruptcy.
What is a bailout?
500
A legal recognition that corporations are not a group of people. Because of this recognition a corporation may hold and exercise certain rights under the common law and the U.S. Constitution, and also be held accountable in civil and criminal court.
What is the corporate person?