Day One of Accounting Boot Camp- Financials Statements, Rules & Standards, Back Office, and Bill.com

Acronyms

100

QBO

What is an acronym for QuickBooks Online.

200

GAAP

What is the acronym for generally accepted accounting principles?

300

FASB

What is an acronym for Financial Accounting Standards Board

400

SSARS

What is an acronym for Statements on Standards for Accounting and Review Services?

Financial Statements

100

A type of special purpose financial statement.

What is income tax basis (OR) modified cash basis financials.

200

An engagement requiring independence.

What is an attest engagement.

300

A financial statement service that does not require independence-because it is a non-attest service.

What is a financial statement preparation service.

400

The AICPA determines these rules that govern how we do compiled, reviewed, and preparation of financial statements.

What is SSARS, (Statemen Standards for Accounting and Review Services)?

Back Office

100

Something done in Bill.com to link entries made in Bill.com to client's software.

What is sync?

200

#1 thing to know before paying your client's bills.

Is there enough money to cover the bills being processed?

300

If you pay a person $600.00 or more during the year, they will require one of these at year-end, and we should have this on file before we pay.

What is 1099 and W-9?

400

The balance that should always be in the Bill.com clearing account in the client's software.

What is zero.