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Federal Taxes
Principles I and II
Intermediate Accounting
Accounting Trivia
Accounting Trivia II
100
What is the first thing in the tax formula for individuals.
What is Gross Income
100
In a period of rising prices, the inventory valuation method that will yield the lowest net income.
What is LIFO
100
A Change in estimate is handled how?
What is Prospectively
100
Name a basis of accounting.
What is cash or accrual
100
Who is the Father of Accounting?
Who is Luca Pacioli
200
What are the five possible filing statuses
What is single, married:filing jointly, married:filing separately, head of household, and qualifying widower
200
IFRS stands for
What is International Financial Reporting Standards
200
The FASB prefers the ______________method of preparing a Statement of Cash Flows?
What is Direct
200
Name one of the 2 methods of recording bad debt expense?
What is direct method or allowance method.
200
What does GAAP stand for?
What is generally accepted accounting principles.
300
I am the maximum percentage allowed for a Charitable Contribution.
What is 50% of AGI?
300
The recording of a liability depends on whether it is __________________ & __________________.
What is Probable and Reasonably Estimable
300
A cash equivalent is:
What is an investment with an original maturity of 90 days or less.
300
What trial balance only contains assets, liabilities, and equity.
What is post closing trial balance.
300
Name one of the professions of the Father or Accounting?
What is Monk or Mathematician
400
I am the dollar amount of Investment Interest that is deductible.
What is the dollar amount of Investment Interest Income.
400
What is the difference between Issued and Outstanding shares of Stock?
What is Treasury Shares
400
The formula to compute Basic earnings per share is?
What is Net income less any preferred stock dividends / weighted average number of common shares outstanding.
400
What assumption requires a company to be accounted for separately from the owners.
What is economic entity
400
What is another name for the measurement principle?
What is cost principle
500
I am the adjustment allowed for currently enrolled college students.
What is the Tuition and Fees Deduction
500
1,000 shares of Common Stock with a $2 par value are issued for $15 per share. The common stock would be credited for how much as a result of this transaction?
What is $2,000?
500
On November 1, 2013, Johnson Company sold to Wales Company merchandise having a selling price of $8,000 with terms 3/15, n/45. On November 13, Johnson Company received a check for the balance due from Wales Company. If the Company uses the Gross Method of accounting for Sales Discounts – what account would be credited on November 13th?
What is Accounts Receivable
500
What is another name for the account: allowance for doubtful accounts?
What is allowance for bad debts or allowance for uncollectible accounts
500
What is the legal life of a patent.
What is 20 years