Financial Documents
This is the financial statement you would find the cash account included in.
What is the balance sheet?
Operating cash is this type of account.
What is a current asset?
This is the expense tracking software Frontier currently uses.
What is Expensify?
Taxes that require an employer to withhold or pay on behalf of their employees.
What are payroll taxes?
An economic resource that is expected to be of benefit in the future.
What is an asset?
A document that shows a company's profit or loss in a given period.
What is an income statement or profit and loss statement (P&L)?
What is a current liability?
Name 3 of the 4 main revenue stream types at Frontier.
What is Platform, Co-Advisor, Sub-Advisor, & Foundation?
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming don't have this.
What is a Personal Income Tax?
This is a collection of commonly-followed accounting rules and standards for financial reporting.
What is Generally Accepted Accounting Principals or GAAP?
This summarizes the movement of cash into and out of a company.
What is a statement of cash flows?
Buildings, equipment, and land are this type of account.
What are fixed assets?
Frontier is organized as this type of business structure.
What is an Limited Liability Company (LLC)?
FICA includes these two specific taxes that most employees and employers are both responsible for paying.
What is Social Security and Medicare?
This is the accounting principal where economic events are recognized when they take place, regardless of when the related cash transactions occur.
What is accrual basis accounting?
This contains an estimation of income and expenses for a set period of time.
What is a budget?
Name 1 of the 2 types of primary accounts that are increased when debited and decreased when credited?
What are asset accounts or expense accounts?
The current number of active account numbers assigned in Frontier's chart of accounts is:
What is 343?
This war resulted in the introduction of income taxes as we know them in America today.
What is the Civil War?
A company's total earnings that is calculated by subtracting total expenses from total revenue.
What is net income?
A formal report containing an opinion on whether a company's financial statements comply with generally accepted accounting principles (GAAP) and are free from material misstatement.
What is an audit?
Name 1 of the 3 types of primary accounts that are decreased when debited and increased when credited.
What are liability accounts, equity accounts, or income accounts?
The total of Frontier's budgeted operating expenses for 2023 is:
What is approximately $13,000,000?
Name at least 4 out of the 7 percentage rates currently used in the US tax brackets.
What are 10%, 12%, 22%, 24%, 32%, 35%, and 37%?
An accounting method for recording the decrease of value of a tangible or physical asset over its useful life.
What is depreciation?