The Balance
Sheet
Sheet
A bank loan would be listed under this category
What is a liability?
Consists of these two main categories
What are Revenues and Expenses?
A - L = NA is called what?
What is the accounting equation?
This statement provides insight to the cash inflows and outflows of an organization
What is the Cash Flow statement?
GAAP stands for ______
What is Generally Accepted Accounting Principles?
The balance sheet is a ___ in time statement
Revenue - Expenses = _____
What is Net Income?
A, L, and NA all appear on this financial statement
What is the balance sheet?
Name at least one advantage of accrual accounting over cash accounting
What is less open to manipulation, better measure of profit?
Accounting rules are important because
What is to make financial statements comparable and less open to manipulation?
Owner's Equity is often referred to as this in the nonprofit sector
What is Net Assets?
The operating statement is a ___ in time statement
what is period of time?
If an organization's total assets are 8,500 and their Net Assets are 2,500, how much are the total liabilities?
What is 6,000?
Provide 2 major components of the PPACA
What are Eliminate annual and lifetime coverage caps, eliminate co-pay for essential services, individual mandate, eliminates pre-existing condition exclusions, etc.
This principle states that "expenses should be recorded in the same period the revenues that caused the expenses to be generated"
What is the Matching principle?
This is an example of a current asset
What are Cash, AR, short-term investment, etc.?
Salaries, supplies, and depreciation would be listed under this category
What are Expenses?
Corporation's may refer to Net Assets as this
What is Shareholder's Equity?
These are the 3 activities in a cash flow statement
What are operating, financing, and investing activities?
Conservatism is defined as ____
What is "anticipate possible losses, but do not assume possible gains"
This intangible asset may appear on the balance sheet
What is Goodwill?
On an accrual accounting system, we record revenue and expenses when ____
What is when a transaction happens? (not when cash is physically received)
Cash = 500, A/R = 200, Equipment = 2,000, Prepaid Expenses = 100 A/P = 300, Notes payable = 1,500
What is the Net Asset value?
What is $1,000?
This FASB change for 2018 financial statements no longer requires organizations to classify funds as temporary or permanently restricted. They are only required to disclose _________
What is with or without donor restrictions?
This entity established GAAP
What is FASB?