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Balance Sheet
Income Statem't
Cash Flow
Buy a Home
Wild Card
100
Alternative name is Statement of Financial Position
What is another name for the Balance Sheet?
100
Alternative name is Activity Statement
What is another name for the Income or Operating statement?
100
It is like your check book.
What is a cash flow statement?
100
Years of a typical mortgage
What is 15 to 30?
100
GAAP are rules followed in Finance.
What is Generally Accepted Accounting Principles
200
Concept that states revenues are recorded when the organization earns them and expenses recorded when the resources are used.
What is the accrual concept?
200
Your personal annual revenue and expense statement.
What is your annual tax return?
200
The 3 sources of cash flows.
What is operations, investing and financing?
200
A number related to your financial responsibility
What is credit score?
200
You don't want to hear this in your audit letter.
What is "not a going concern?"
300
The fundamental accounting equation
What is Assets = Liabilities + Equity?
300
FIFO & LIFO
What is First In First Out and Last In Last Out?
300
Raising cash quickly.
What is selling receivables or bank loan?
300
Interest rate that can change over the life of a mortgage.
What is a variable interest rate?
300
The idea that you should anticipate losses but not gains.
What is the Conservatism Concept?
400
Non-profits do not have owner's equity but rather...
What is Stockholders' Equity?
400
The company is paid well in advance for goods and services.
What is deferred or unearned revenue?
400
Depreciating the same amount each year.
What is straight-line depreciation?
400
A home's market value less the outstanding mortgage balance.
What is homeowners equity?
400
A new homeowner's mortgage payment is primarily this.
What is interest?
500
Have a lot of cash available.
What is Liquidity?
500
Net Income formula
What is Net Income= revenues + support - expenses?
500
A list of all accounts broken down into specific numbers
What is a chart of accounts?
500
Property or money held by a 3rd party until the terms of a contract are met.
What is escrow?
500
A government form filed by non-profits that details expenses and revenues.
What is the 990?