Goodwill Background
What does Goodwill pride itself in the most?
What type of accounting does Goodwill use?
Not-For-Profit Accounting
Who prepares accounting information and analyses for people outside the organization?
What are Financial Accountants
In which statement are assets equal to owners' equity?
What is the Balance sheet
What is an Asset
What year was Goodwill founded?
1902
What does Goodwill use to make sure everything is in balance and the account reconciliations all tie out?
What is a trial balance
Who reviews and evaluates the information used to prepare a company's financial statement?
What is an Auditor
What are the three financial statements?
Balance sheet
Income Statement
Statement of cash flows
What term corresponds with this statement, "the ease with which an asset can be converted into cash."
What is Liquidity
What is Goodwill's main source of income?
Their retail division and sale of donated and contributed goods.
Name 2 stakeholders for Goodwill Industries.
General Public
Creditors that Goodwill works with
Vendors that provide Goodwill services
Agencies that they get grants from
Which type of accountant is trained in tax law and is held responsible for preparing tax returns or developing tax strategies?
What are Tax Accountants
How do you calculate Owner's Equity?
Assets-Liabilities=OE
An accountant who provides accounting services to individuals or businesses on a fee basis.
What is a Public Accountant
Who created Goodwill and formed the philosophy that Goodwill is "not a charity, but a chance."
Reverend Edgar J. Helms
What does Goodwill call their expenses?
Direct and indirect expenses.
Which accounting system does not have the purpose of generating a profit but serves ratepayers, taxpayers, and others?
What is Not-for-Profit Accounting
What qualifies as an intangible asset?
A) Buildings
B) Trademarks
C) Cash
Trademarks
What term corresponds with this statement, "the accumulated earnings from a firm's profitable operations that were reinvested in the business and not paid out to the stockholders in dividends."
What are retained earnings
Why can't Goodwill use their revenue to support any legislation or candidates?
They are a public charity.
What does Goodwill use instead of an Income Statement?
What is the statement of activities
Which type of accounting provides information and analyses to managers inside the organization in order to assist them in decision making?
What is Managerial Accounting
Which financial statement shows a firm's profit after costs, expenses, and taxes?
What is the Income statement
What term corresponds with this statement, "the difference between cash coming in and cash going out of a business."
What is cash flow