Goodwill Background
What does Goodwill pride itself in the most?
Goodwill does not have to pay _____ because they are a non-profit organization.
Taxes
Who prepares accounting information and analyses for people outside the organization?
What are Financial Accountants
Financial statements keep a company _______
Organized
What is an Asset
What year was Goodwill founded?
1902
Which type of accountant works for single firms or non-profits like Goodwill?
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? (not used in non-profits)
What are Tax Accountants
How do you calculate Owner's Equity?
Assets-Liabilities=OE
What are the two main types of accounting
Financial and managerial
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 does an activity ratio help keep track of?
Inventory turnover rates
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