Accounting 1
This date is an important date for CPAs.
What is tax day? Bonus points for giving the date.
The acronym CPA stands for this.
What is Certified Public Accountant?
This term refers to money owed by customers to a business.
What is accounts receivable?
A minimum of two accounts is needed for this.
What is a journal entry?
A payment made to employees is called.
What is payroll (salaries and wages expense)?
This is on the left side of a T-account
This type of account includes cash, inventory and equipment.
What are assets?
Assets = Liabilities + Equity
What is the accounting equation?
This is on the right side of a T-account.
What is a credit?
What are liabilities?
What is a chart of accounts?
This financial statement reports a company's assets and liabilities.
What is the balance sheet?
What is a bean counter?
This financial statement reports a company's revenues and expenses
What is an income statement?
What is a non-profit entity versus for-profit entity?
The number of hospitals in Jefferson County.
What is 1?
This term describes the process of ensuring that two sets of records agree.
What is an account reconciliation?
These are policies, procedures and systems implemented by a business to ensure the integrity of financial reporting, safeguard assets and compliance with laws and regulations.
What are internal controls?
This financial statement reports a company's cash inflows and outflows.
What is a statement of cash flows?
What are fraud and misstatements?
This platform helps accountants generate jeopardy questions online.
What is ChatGPT?
What accounting method recognizes revenue when payment is received?
What is cash basis accounting?
The largest employer in Jefferson County.
What is Fort HealthCare?
This annual event estimates the revenue and expenses for the next year.
What is a budget or forecast?
This accounting method recognizes revenue when earned, regardless of when the cash is received.