Careers
Entrepreneur
What is the difference between a Sole Proprietorship and a Partnership?
Sole Proprietorship is owned by 1 person
A partnership is owned by 2 individuals who agree to work as co-owners
What are the 3 Accounting Assumptions?
Going Concern
Accounting Period
Business Entity
What are the accounting terms for:
Property, Owners Financial Claim, Creditors Financial Claim
Assets, Owners Equity, Liabilities
The first day of school was on what day of the week?
Tuesday
What does CPA stand for?
Certified Public Accountant
What is Capital?
Money that banks, investors, or business owners supply for a business to begin.
Which assumption assumes that a business will stay in business long enough to pay off any of its debts or commitments?
Going Concern
Accounts Payable, Cash in Bank, Inventory, Loans, Accounts Receivable, Owner Withdrawals, Taxes, Land
Cash in Bank, Inventory, Land, Accounts Receivable
What color shoes was Ms. Miqueli wearing yesterday?
Green
What is an Entry Level accounting career that does not require a college degree?
Accounting Clerk
What type of business buys raw materials and creates a product?
Manufacturing Business
What are the 2 types of Accounting Reports & who do they get sent to?
Managerial Accounting Reports - Internal Decision Makers
Financial Accounting Reports - External Decision Makers
Why is Accounts Receivable considered an Asset?
A/R represents a future profit that eventually will bring cash into the business
What is the movie name of the clip that was showed in class with Will Smith?
The Pursuit of Happiness
Why would a business hire a Public Accounting Firm instead of doing it themselves?
Time, Money, Resources
An accountant Inputs checks, receipts, invoices into their accounting system. What is the output?
Financial & Management Accounting Reports
Why is accounting so important to a business?
Accounting can improve efficiency for a business, help with budgeting and planning & let's business owners know how well their business is performing
What 2 accounts are being affected by this business transaction:
Zip buys Office Furniture on account.
Assets: Office Furniture
What day this week did we have a lockdown in school?
Wednesday