FINANCIAL ACCOUNTING

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100

Who owns a corporation?

Share(Stock)holders

200

When a corporation buys back its own common stock it is called....

Treasury Stock

300

What is both an advantage and disadvantage when describing a corporation?

Management (Corporate)

400

What is doubled taxed?

Dividends

500

What states do most companies in the US incorporate in?

Delaware

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100

Resources owned by a business are called?

Assets

200

What is the most liquid asset?

Cash (petty cash ok)

300

What is term is used in accounting when a company owes someone?

Payable

400

What are 4 primary sources of capital?

Sell Common Stock

Sell Product/Service

Borrow from Bank

Issue Bonds

500

What did McDonalds call their cost of goods sold, COGS, on their income statement?

Food and Paper

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100

1) Balance Sheet 2) Income Statement 3) Retained Earnings Statement 4) Statement of Cash Flows

What are Four Basic Financial Statements

200

Net Income Will Result in a Time Period when

Revenues exceed expenses

300

Financial Statements are prepared for....

External Users

400

Did Target have Treasury Stock?

NO

500

What would a company not subtotal total liabilities as a seperate total on the balance sheet?

Due to the fact that their liabilities are possibly too high

(Blank)

100

What is the most widely used inventory costing method?

FIFO

200

How ofter do companies "close the books"?

Monthly

300

What report do companies prepare to show that their cash balance is correct at the end of each month?

Bank Reconciliation

400

What is a list of accounts and their balances at a given time called?

Trial Balance

500

What is the longest jail term a person can get for committing a federal wire transfer (like Rita) - in years....

20 years