Show:
Accounting Cycle
Financial Statements
Finance
Debits and Credits
Presentation
100
What is the Basic Accounting Equation?
Assets = Liabilities + Stockholder's Equity
100
_______ are the measurable amounts owed by the business to creditors.
Liabilities
100
Net Income = ________ - ________
Revenues - Expenses
100
Does a note payable have a NORMAL debit or credit balance?
Credit
100
What Public Accounting firm is Tim interning for?
E&Y
200
A fiscal year always ends on December 31. True or False
False
200
GAAP stands for?
Generally Accepted Accounting Principles
200
________ is the value paid to bondholders at maturity.
Face, principal or par value
200
Which of these accounts have a normal debit or credit balance? Revenues, Expenses, Owner's Equity
Debit: Expenses Credit: equity, revenues
200
CPA stands for?
Certified Public Accountant
300
Which of these accounting cycle steps comes first? Trial Balance or Financial Statements
Trial Balance
300
There are 4 types of Financial Statements. Name 2 of them.
I/S, Statement of Retained Earnings, B/S, Statement of Cash Flows.
300
What is the extra amount paid/earned on the principal of a loan/investment?
Interest Rate
300
Pizza Tribute pays $35,000 cash to buy equipment for the restaurant. What is the journal entry?
Dr. Equipment = 35,000 Cr. Cash = 35,000
300
For BSBA degree seeking students, how many pre-major courses do you need to pass with a "C" or higher?
9
400
What account do you close dividends to during the closing entry step?
Retained Earnings or Income Summary
400
A balance sheet uses 'point of time' to record the date? True or False?
True
400
If you put $1,000 today in the bank for 1yr. at 5%. What is the future value (FV)? Hint: FV = present value (PV) + interest
FV = $1000 + ($1000*.05) = $1050
400
Your company performed cleaning services for your customer worth $2,600 on account. What is the journal entry?
Dr. Accounts Receivable = 2,600 Cr. Service Revenue = 2,600
400
Which of the Big 4 firms are stationed here in Las Vegas?
Deloitte, E&Y, PWC
500
There are 10 steps to the Accounting Processing Cycle, name one.
Source documents -> Transaction Analysis -> Record in Journal -> Post to Ledger -> Unadjusted Trial Balance -> Record/Post Adj. Entries -> Adj. Trial Balance -> Financial Statements -> Close Temporary Accounts -> Post - Closing Trial Balance
500
Do these accounts go in the Income Statement and/or the Balance Sheet? Interest Expense, Cash, Unearned Rent Revenue
I/S = Interest Expense B/S =Cash, Unearned Rent Revenue
500
Find the Total Expected Rate of Return of the probabilities given with its corresponding actual return. Probabilities: .5 .25 .25 Actual Return: 0% 20% 60% *HINT: Multiply each probability by the corresponding return and add them all together.
E(R) = .20
500
Does depreciation increase or decrease the value of an asset?
Decrease
500
Ryan and Derek talked about the 3 ways finance is commonly classified. Name one.
Corporate finance, investments, financial markets/institutions