Basic Accounting
What is the basic accounting equation?
Assets = Liabilities + Equity
Which statement shows a company’s financial position at a point in time?
Balance Sheet
What does CPA stand for?
Certified Public Accountant
What does GAAP stand for?
Generally Accepted Accounting Principles
What are our official colors?
Maroon and Gold
What type of account is Cash?
Asset
Which statement shows revenues and expenses?
Income Statement
Which type of accounting focuses on budgeting and internal decision-making?
Managerial Accounting
True or False: Accounting is called the “language of business”
True
When are our Bi-weekly meetings?
Wednesdays from 5:30 - 6:30 pm
What is recorded on the left side of an account?
Which statement tracks cash inflows and outflows?
Statement of Cash Flows
Which accounting career focuses on taxes?
Tax Accountant
What do you call money owed to a company?
Accounts Receivable
True or False: We have no membership fees and it is free to join our club
True
If you buy equipment with cash, how do the accounts change?
One asset decreases (cash), one asset increases (equipment)
What are the three sections of the cash flow statement?
Operating, Investing, Financing
What are the Big 4 Accounting Firms?
Deloitte, PwC, EY and KPMG
What is depreciation?
Allocating the cost of an asset over its useful life
When and where is our annual banquet?
April 22nd from 6:00 - 8:00 pm @ Carlson Private Dining Room
What principle requires expenses to be recorded in the same period as related revenue?
Matching Principle
What is the bottom line of the income statement called?
Net Income
What government agency oversees audits of public companies in the U.S.?
PCAOB (Public Company Accounting Oversight Board)
What accounting method recognizes revenue when cash is received (not when earned)?
Cash Basis Accounting
How many board members do we currently have?
12