Show:
Budgeting
Assets and Liabilities
Ethics
Financial and Managerial Accounting
Wild Card
100
Policies and procedures companies follow to safeguard their assets
What is controls
100
Assets expected to be used or converted into cash within the businesses fiscal year
What is Current Assets
100
Misrepresenting the truth, cheating, or deceiving others on purpose.
What is Fraud
100
records and reports financial information from business transactions
What is accounting
100
Protects investors and makes markets run smoothly
What is the SEC (Securities Exchange Commision)
200
Different people take turns doing the same job so that each person can find problems
What is Rotations of duties
200
Liabilities expected to be paid within the businesses fiscal year
What is Current Liabilities
200
The government agency that collects taxes and enforces tax laws
What is Internal Revenue Service (IRS)
200
a statement of the financial position of a business on a specified date or for a period of time.
What is Financial statement
200
the amount of money owed to others for goods or services bought on credit
What is Accounts Payable
300
Record of all cash used to make business transactions
What is Cash Controls
300
Liabilities expected to be paid after the fiscal year
What is Long-term liabilities
300
Top managers who run the company and are responsible for its success or failure.
What is executives
300
reports following GAAP (generally accepted accounting principles) that provide a financial summary of an organizations activities
What is Financial accounting
300
a distinct thing such as a company, a firm, a business or a set of principles or rules
What is a Entity
400
The practice of having one employee check the work of another employee who either has access to the assets or records of the journal entries
What is Independent verification
400
Assets expected to last more than a fiscal year. Typically includes land, equipment, furniture and vehicles
What is Fixed Assets
400
A private nonprofit board that establishes specific rules and regulations for recording economic events in your accounting system.
What is Financial Accounting Standards Board (FASB)
400
reports financial data of a business to help managers make decisions
What is managerial accounting
400
every account with a debit also has a credit and vice versa
What is double entry accounting
500
People in jobs that have to do with money, inventory or assets are different from people who account for those assets
What is Segregation of duties
500
Current assets – current liabilities, indication of liquidity that shows how much of a cushion there is to pay short term bills
What is Working Capital
500
Principle requiring that the same accounting methods and formant of statements should be used over time so they can be compared.
What is Principle of permanence
500
a widely accepted set of rules, conventions, standards and procedures for reporting financial information as established by the FASB
What is GAAP
500
the acronym used to remember which debit and credit accountant get increased (debit: expenses, assets, drawings (withdrawals)
What is D.E.A.D. C.O.I.L.