What is Accounting?
_________ is the language of business
Accounting
Sally's Salon gets a shipment of products that they use for hair treatments. They record each products purchase each time they use a bottle on a client. This method of accounting is called what?
Accounting roles can be broadly grouped into 3 categories, what are those categories?
Public, Private, and Fund
This designation requires a strong understanding of financial accounting and strategic financial management.
CMA
What is the festival that takes place in Braham each year?
Pie Day
What are the two types of accounting methods that relate to when a transaction is recorded?
cash and accrual
Jim's Car Shop sells shakes hands and sells a car today. The buyer is coming back with cash next Wednesday. Jim's Car Shop records the transaction next Wednesday. What method of accounting is being used?
Cash method
_______ also referred to as external accounting, refers to a business that works with their clients to help prepare reports and review (audit) financial information for accuracy and completeness before it is shared publicly.
Public Accounting
This certification is highly regarded and a common goal for many accountants.
CPA
What is Braham's zip code?
55006
________ is the process of recording, maintaining, and reporting an organization’s financial transactions and records
Accounting
_____ is an accounting method that states revenues and expenses are recognized and recorded at the time they are earned or incurred, even if money doesn’t change hands.
Accural
_______ also referred to as internal accounting, this refers to a role inside a company that helps record transactions and prepare/analyze financial statements and reports, in order to inform company decision-making.
Private Accounting
While the CPA designation is only recognized in the United States, the ______ is recognized world-wide.
CIA
What conference does Braham belong to?
Great River
The four primary categories of accounting are: Tax, Financial, Accounting-Related, and _______
Managerial
________ is an accounting method that states revenues and expenses are recognized and recorded when cash actually changes hands.
Cash
_____ is the system of accounting used by governments and non-profit organizations to group resources into specific funds so they know what resources are available to complete a specific purpose or task.
Fund Accounting
______ are not limited to tax and audit work, and they can work in all facets of the accounting profession.
CPA's
What person owns the Braham Bank and gives out full scholarships to students attending college for a technical degree like mechanics, plumbing, electrician and other degrees?
(Dennis) Frandsen
________ Focuses on the management of the assets, liabilities, and cash flow of an organization, financial analysis like ROI and ROE, and financial planning of future growth.
Finance
_______ are a commonly-followed set of accounting rules, standards, and procedures for reporting financial information to external user
GAAP
______ Accounting is more focused on accountability, rather than profitability.
Fund
Those that want to specialize in auditing would get what certification
CIA
What is the name of the highway that runs through Braham?
Highway 107