The process by which companies produce their financial statements for a specific period
What is the accounting cycle
100
A company that sells it stock to the general public
What is a public company
100
The 20-year right to produce and sell a process, product or formula
What is a patent
200
The four financial statements
What are income statement, balance sheet, statement of retained earnings and statement of cash flows
200
The normal balance of a common stock account
What is a credit
200
Liquidity
What is a measure of how quickly an item can be converted to cash
200
Definition of collusion
What is two or more people working together to circumvent internal controls and defraud a company.
200
Definition of depreciation
What is the process by which businesses spread the allocation of a plant asset's cost over its useful life
300
The US governmental agency that oversees the US financial markets.
What is the Securities and Exchange Commission (SEC)
300
A source document
What is a document that provides the evidence and data for accounting transactions.
300
Types of Temporary Accounts
What are revenues, expenses, Income Summary and Dividends accounts
300
Petty Cash
What is a fund containing a small amount of cash that is used to pay for minor expenditures.
300
The three step life cycle of a plant asset
What is acquisition of the asset, usage of the asset and disposal of the asset
400
Sarbanes-Oxley Act (SOX)
What is the act that requires companies to review internal control and take responsibility for the accuracy and completeness of their financial reports.
400
The normal balances of assets, expenses, dividends, liabilities, revenues and common stock, in order
What is debit, debit, debit, credit, credit, credit
400
Two asset categories included on the balance sheet
What are Current Assets and Plant Assets
400
The number of digits of a routing number
What is nine digits
400
A depreciable improvement to land such as fencing, sprinklers, paving, signs and lighting
What is a land improvement
500
The private organization that oversees the creation and governance of accounting standards in the United States
What is the Financial Accounting Standards Board (FASB)
500
Debt ratio equation
What is total liabilities divided by total assets
500
Definition of current ratio
What is the company's ability to pay current liabilities from current assets. Total current assets divided by total current liabilities
500
The five components of Internal Control
What are Control procedures, Risk assessment, Information system, Monitoring of controls and Environment (CRIME)