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General
CASH
PP&E
DEBT & LIABILITIES
EXPENSES
100
Management’s explicit or implicit claim that the company’s financial statements are representing the financial position of the company truthfully.
What are financial statement assertions?
100
A listing that is reviewed by an auditor to ensure completeness and cut-off at year-end
What is an outstanding checks listing?
100
Land, buildings, furniture, fixtures, improvements, CIP.
What some examples of fixed assets/PPE?
100
The two most important balance related objectives (assertions) in notes payable.
What is completeness and accuracy?
100
Costs incurred in providing the goods and services offered
What is expenses?
200
The threshold above which missing or incorrect information in financial statements is considered to have an impact on the decision making of users. 
What is materiality?
200
This must be mailed under the auditor's own controls and is used to confirm deposit balances and loans balances
What are confirmations requests?
200
The process of sytematically and rationally allocating the cost of a fixed asset over its useful life.
What is depreciation?
200
The amount borrowed and is the PV at the date of issuance
what is the principal amount of the note?
200
When a company has incurred an expense but hasn't yet paid cash or recorded an obligation to pay
What is an accrued expense?
300
A list of all accounts and their balances at a particular date, showing that total debits equals total credits
What is a trial balance?
300
A balance where this should be stated as a liability on the balance sheet
What is an overdraft balance?
300
The length of time a fixed asset is expected to be used in operations
What is the useful life of a fixed asset?
300
In accordance with US GAAP, this tells financial statement users future scheduled payments for a client's long term debt
What is a five year commitment schedule?
300
Gross Profit minus Operating Expenses is best defined as
What is a Operating Income
400
A branch of accounting dealing with recording, classifying, and summarizing transactions involving revenues, expenses, assets, and liabilities
What is financial accounting?
400
Cash accounting is an accounting method where receipts are recorded during the period they are received, and expenses are recorded in the period in which they are actually paid
What is cash basis?
400
The original cost of a plant asset minus accumulated depreciation.
What is the book value of a plant asset?
400
The audit objective to determine that notes payable in the schedule actually exist is verified by the test of details of balances procedure to
What is a notes payable confirm?
400
The combination of Selling Expenses and Administrative Expenses
What are operational expenses
500
The risk that a financial assertion is susceptible to a material misstatement. The assertion could be about a class of transactions, account balances or disclosures about significant company events
What is an inherent risk?
500
The deliberate floating of funds between 2 or more bank accoutns to make it apear that more cash is present & available then is really the case
What is check kiting?
500
An accelerated depreciation method that counts twice as much of the asset’s book value each year as an expense compared to straight-line depreciation.
What is the double declining balance method?
500
A credit source extended to a government, business by a financial institution. May take several forms, such as overdraft protection, demand loan, special purpose, export packing credit, term loan, discounting, purchase of commercial bills, traditional revolving credit card account, etc.
What is Line of Credit?
500
An income statement is a financial statement that reports a company's financial performance over a specific accounting period. 
What is an Income Statement?