Back to the Basics
What is the accounting equation?
What is Assets = Liabilities + Equity
What number do you start with when preparing a Consolidated Statement of Cash Flows using the Indirect Method?
What is Consolidated Net Income?
How would a change from sum-of-the-years digits to straight-line method of depreciation be accounted for?
Give change type & treatment.
What is a change in estimate with proactive treatment?
Given Shelton Corporation, what is consolidated retained earnings?
What is $570,000?
What is the OC slogan?
What is "Made for More"?
This basis of accounting records revenue when earned and expenses when incurred, regardless of when cash changes hands.
What is Accrual Basis of Accounting?
How are dividends paid to noncontrolling shareholders reported in the consolidated statement of cash flows?
What is an outflow in the Financing Section?
A building with an original estimated life of 50 years has been depreciated for 30 years. Management believes that the building only has 10 years of estimated life left. Based on this information, how should the department proceed with recording depreciation on this building?
What is depreciate the remaining book value over the remaining life of the asset?
What is amortize inventory value fully in the year identified and amortize equipment value over remaining useful life?
What is the name of the OC mascot?
This is the most desirable type of audit report, where the auditor expresses the opinion that the financial statements are presented fairly, in all material respects.
What is an Unmodified Opinion?
Given the Pumpkin problem, what is the Interest Expense saved from bond conversion for Shack?
Armstrong Inc.'s financial statements contained the following errors:
Depreciation expense understated by $30,000 in 2024
Depreciation expense overstated by $40,000 in 2025
Assuming no correcting entries have been made, will retained earnings in 2025 be understated or overstated and by how much?
What is $10,000 understated?
What is the journal entry to eliminate a loan from the Parent to the Subsidiary?
How many national championships has OC athletics won?
What is 58?
Failure to record an accrued expense at year-end will have this effect on both Liabilities and Net Income.
What is Understated Liabilities and Overstated Net Income?
Given the Flyer problem, what is basic earnings per share?
What is $5.04?
This is the specific name for the adjustment made to the beginning balance of Retained Earnings to correct a material error from a previous year.
What is a prior period adjustment?
Given the Polk Company problem, what is the differential?
What is $50,000?
Before moving to its current campus, OC was originally located in this Oklahoma city.
What is Barlesville?
This is the term for the difference between the tax basis of an asset/liability and its reported amount in the financial statements, which will result in a taxable or deductible amount in future years.
What is a Temporary Difference?
(Also acceptable: Deferred Tax Asset / Liability)
Given the Flyer problem, what is diluted earnings per share?
What is $4.33?
What disclosures are required when changing from LIFO to FIFO?
What is the nature and reason for change, effect on income statements in prior period, and cumulative effect on retained earnings?
(& restated prior financial statements)
Given the Polk Company problem, what is the Income from Subsidiary reported on the parent's separate financial statements?
What is $15,400?
What are the three main pillars of the College of Business mission statement?
What are Christian values, challenging curriculum, and community?