Entity Types
A non-registered, unincorporated business run solely by one individual with no distinction between the business and the owner.
What is a sole proprietorship?
Sales minus Cost of Goods Sold.
What is Gross Profit?
The form that a sole proprietorship, or single-member LLC uses to report the revenues and expenses for tax purposes.
What is Schedule C?
Earnings before interest, depreciation, taxes and amortization.
What is EBIDTA?
The name of the business used in the accounting course MQ and FQ QuickBooks projects.
What is Mookie The Beagle Concierge?
An arrangement between two or more people to oversee business operations and share its profits and liabilities.
What is a partnership?
The inventory method for a business that uses the cost of the most recent products purchased to update their accounting records for products sold.
What is LIFO?
Defined as ordinary, necessary and reasonable.
What are deductions?
The acronym for the standards that encompass the details, complexities, and legalities of business and corporate accounting.
The chorus of the YouTube song where Michelle Staebell encouraged (without success) to get the class to sing and dance along.
What is "Debit Left, Credit Right"?
Corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.
What is an S Corporation?
The process by which a company temporarily suspends operations over a few-day period to count of all stock.
What is a physical inventory count?
Brackets that range from 10% to 37% as of 2018.
What are the federal individual tax rates?
Current assets divided by current liabilities.
What is the current ratio?
The toy that Michelle borrowed from her kids to illustrate that every transaction in accounting must have equal amounts of debits and credits.
What is a monkey scale?
A business structure in the U.S. that protects the assets of its owners from lawsuits and creditors concerned with the company's business debts.
What is an LLC?
The loss of inventory that can be attributed to factors such as employee theft, shoplifting, administrative error, vendor fraud, damage, and cashier error.
What is shrinkage?
The annual deadline for individual tax returns, and also Professor Nakia's birthday.
What is April 15th.
Earnings before interest and taxes divided by interest expense
What is "Time Interest Earned" ratio?
An SfE speaker that mentioned the importance of "knowing your numbers" or having strong financial knowledge.
A company authorized to act as a separate legal entity and recognized as such in law.
What is a corporation?
The inventory method for a business that uses the cost of the oldest products purchased to update their accounting records for products sold.
What is FIFO?
A profession that comes with too much work during the cold winter, but little work during the warm summer, and has amazing job security.
What is tax preparation?
Revenues minus expenses.
What is Net Income?
The subject you are most excited to explore in Q4 taught by the awesome Michelle Staebell?
What is Accounting II?