Cash Flows
In what section of the statement of cash flows would dividends received be recorded?
Operating
What is the journal entry to replenish petty cash?
debit expense
credit cash
In 2001 the IASB was formed to start the creation of this set of accounting rules
IFRS (International Financial Reporting Standards)
Engagement letter
Who created the double-entry system of accounting?
Luca Pacioli
Max Muffin Company had beginning accounts receivable of $45,000. Ending accounts receivable was $65,000. Sales revenue was $235,000. What was the cash received from customers?
$215,000.
What journal entry would be prepared on the date of record in regards to a dividend?
No entry necessary on the date of record. Entries only on the date of declaration and date of payment
What governing body issues professional licenses such as the certified public accountant license?
States
The depreciation method allowed under the Internal Revenue Code
MACRS
What song is this lyric from:
"Stay in the kitchen cookin' up, got your own bread
Heart full of equity, you're an asset"
Intentions - Justin Beiber
Kirby Company sold equipment that originally cost $50,000 with accumulated depreciation of $20,000. If a loss of $5,000 was taken on the transaction, how much cash was received?
$25,000
A company purchases a $5,000,000 piece of equipment on January 1, with a 5 year 4% note. What would be the debit and credit accounts for the journal entry to record the note?
debit- notes receivable
credit- sales revenue and discount
How many levels of valuation are there under the fair value hierarchy?
Three
Raw materials, work in process, finished goods
Which Big 4 Public Accounting Firm counts the votes for the Oscars?
PWC
At the end of the period, JimBob & Sons received a bank statement that had balance of $190 in the account. The cash balance per the general ledger is $275. Included on the bank statement are outstanding checks totaling $300, interest earned of $55 and a customer payment paid directly to the bank of $100. Not recorded on the bank statement was an outstanding deposit made in this period for $540. What is the corrected cash balance?
$430
Noah's Ark issued an $80 million 5% stated rate bond that paid interest for 20 periods at a market rate of 6%. The bond was priced at $70,823,680. What is the journal entry to record the issuance of the bond?
Cash (DR) $70,823,680 Discount (DR) $9,176,320 Bond Payable (CR) $80,000,000
Property plant and equipment is the only asset account on the balance sheet that is valued at this accounting principle
historical cost principle
What is the name of the federal tax return filed annually by non profit organizations?
Federal Form 990
Name the American crime film where accountants get to carry shotguns on the job?
The Untouchables
The accounts payable beginning balance is $15,000 and ending balance is $21,000. Inventory beginning balance $22,000 and ending $27,000. If cost of goods sold was $325,000, what would cash paid to suppliers be?
$324,000.
Luca's Construction Company is contracted to build a $2,000,000 building. It will take 2 years to construct. In Year 1 actual costs incurred were $500,000. We estimate that $1,200,000 of costs remain. In Year 2, we actually spent $1,300,000. In the revenue recognition journal entry, using the percentage of completion method, calculate the revenue earned in Year 2.
$1,420,000
What is the name for the model that was created to evaluate internal controls?
The COSO Framework
What do you call the income statement and balance sheet for a nonprofit organization?
Statement of Financial Position and Statement of Activities
Which professional hockey team had an accountant play as their emergency goaltender during the 17-18 NHL season?
Chicago Blackhawks