General
The normal balance of an asset account
What is a debt balance?
This is the difference between total assets and total liabilities.
What is Equity?
Examines financial statements to verify that they are prepared according to GAAP
What are Auditors
Administers and enforces U.S. federal tax laws
What is the Internal Revenue Service? (IRS)
The decade was Strothman founded
What is the 1980s? (1983)
This involves testing business records and procedures for accuracy.
What is auditing
Shows the company's revenues and expenses
What is the income statement?
This is what GAAP stands for
What are generally accepted accounting principles?
Owners of partnerships are issued these from their tax returns
What are K-1s?
Name 2 out of 7 industries Strothman focuses on.
What is Construction. Emerging Markets. Government. Manufacturing and Distribution. Nonprofit. Professional Services. Real Estate?
The three legal forms/entities a business may take
What are 1)sole proprietorships, 2)partnerships and 3)corporations?
In addition to an owner, these people also have claims against a company's assets.
Who are creditors?
The difference between and audit and a review?
Non-Profits are required to file what tax forms to the IRS
What is Form 990?
Name 3 benefits Strothman offers to all of their employees
Generous paid time off
Paid holidays
Free snacks and coffee bar
Competitive compensation with bonus opportunities
Medical, FSA, dental and vision plans
401K and profit-sharing retirement plans (starts on first day of employment)
Group life insurance
Parental leave
Short- and long-term disability plans
$100/month towards downtown employees’ parking costs
Reimbursement program for continuing education courses and professional memberships
Gym membership reimbursement
These 3 represent the types of business organizations that use accounting.
What are 1)sole proprietorships, 2)partnerships and 3)corporations?
The effect on equity when an owner withdraws cash from the business
What is decreases?
The purpose of cross references
What is to create links between engagement items such as work papers, findings, controls, and procedures?
Name 3 States with no income tax
What could be: Wyoming. Washington. Texas. South Dakota. Nevada. Florida. Alaska.
Name the number of office locations Strothman has
What is 3?
Decreases both assets and owner’s equity
What is a withdrawal or distribution?
The net effect on assets when a company receives cash on their accounts receivable.
What is no effect? One assets (cash) goes up and another asset (A/R) decreases.
The report is issued after a third-party auditor conducts a thorough examination of an organization to verify that they have an effective system of controls related to security, availability, processing integrity, confidentiality, and/or privacy
What is a SOC audit?
A tax-deferred transaction that allows for the disposal of an asset and the acquisition of another similar asset without generating a capital gains tax liability from the sale of the first asset
What is a like-kind exchange? (1031)
Name the university Ray Strothman attended
What is Bellarmine University?