This organization is the authoritative source of GAAP
What is FASB? Financial Accounting Standards Board
100
This accrues over time to reflect money owed to salaried employees.
What is Salary Payable?
100
The first CPA exam in the United States was given in 1896, in this state.
What is New York?
100
University of Portland was founded in this year.
What is 1901?
200
GAAP is now found in this publication, which was compiled from thousands of pronouncements and is sorted by topic.
What is the ASC/Accounting Standards Codification?
200
This accrues over time to allocate the cost capital assets as an expense
What is Depreciation Expense/Accumulated Depreciation?
200
This was the profession of Luca Pacioli, an Italian creditied with invention of double-entry accounting in 1494
What is friar (or monk)?
300
This liability accrues with time when a company has borrowed money.
What is Interest Payable?
300
Work by accountants at the FBI led to the arrest and conviction of this Chicago crime boss in 1931, on charges of tax evasion.
Who is Al Capone?
400
This asset would be recorded when insurance charges have been paid prior to the accrual of insurance expenses.
What is Prepaid Insurance?
400
This Big Ten school serves as home of the international Accounting Hall of Fame.
What is Ohio State University?
500
An industrial firm may have this type of long-term liability, which is recorded at a discounted present value, and accrues both depreciation expense and interest expense.
What is an Asset Retirement Obligation/ARO?
500
Time magazine's 2002 People of the Year group included 2 CPAs, who helped bring to light accounting scandals at these two companies.