In the Lecture
Number of steps in the accounting cycle
9
A current asset resulting from selling goods or services on credit (on account).
Accounts receivable
A listing of the materials included in a product.
Bill of materials.
This is the answer that lost Team 3 the tie two weeks ago.
Accrual basis.
What does the executive term COO stand for in business?
Chief Operating Officer.
Which soft drink brand was originally marketed as a brain tonic?
Coca-Cola
When closing the books, which account is revenue, expenses, and withdrawals closed to?
Income summary
What is the last line of the income statement called?
The Bottom line.
A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time.
Balance Sheet
A term that describes the steps when processing transactions (analyzing, journalizing, posting, preparing trial balances, adjusting, and preparing financial statements) in an accounting system.
Accounting cycle
A distribution of part of a corporation’s past profits to its stockholders.
Dividend
On Keiser's Flagship campus, which major has the largest majority of students?
Business
Name two current assets.
Cash, acct. rec., inventory, prepaid insurance,
The stock of goods, materials, or merchandise that a company holds to sell to customers or use in production.
Inventory
A formal written promise to pay interest every six months and the principal amount at maturity.
Bond
The amount of a long-term asset’s cost that has been allocated to Depreciation Expense since the asset was acquired.
Accumulated depreciation.
What company turned down buying google for 750K?
Excite (it was the 1990s)
What is the normal balance for an expense account?
Debit
The formula for current ratio.
current assets/current liabilities
What does the abbreviation GAAP stand for?
Generally Accepted Accounting Principles
The amount of cost minus the accumulated depreciation applicable to the asset.
Book value.
A listing of the general ledger accounts and their account balances at a point in time after the adjusting entries have been posted.
Adjusted Trial Balance.
Which company owns LinkedIn?
Microsoft
What is the highest mountain in Africa?
Mount Kilimanjaro
Jimmy made an estimate for the payroll account and did a journal entry. To clear the account, what must Jimmy do at the beginning of the next period?
A reversing entry.
Individuals elected by the common stockholders of a corporation to represent the stockholders and to establish the policies of the corporation.
Board of Directors.
It is a concept that involves applying moral standards in the workplace. It identifies the right and wrong attitudes and actions in the business environment.
Business ethics.
Method that records greater depreciation than Straight-line depreciation in the early years.
Accelerated depreciation.
What billionaire entrepreneur and philanthropist attended the University of Pretoria in his native South Africa before moving to Canada to attend Queen's University before finally transferring to the University of Pennsylvania where he earned dual bachelor's degrees in economics and physics?
Elon Musk
What is the largest island in the world?
Greenland