Tax Basics
What date is the usual deadline for filing federal income tax returns in the U.S?
April 15th
What are the three main sections of the balance sheet?
Assets, Liabilities, and Stockholders' Equity
Which Big 4 accounting firm has a green dot in its logo?
Deloitte
How many credits do you need to sit for the CPA exam?
120 credits
This ocean lies on the east coast of the United States.
Atlantic Ocean
What does it mean to "file your taxes"?
means to submit your income and tax information to the government.
Which financial statement shows a company's financial performance over time?
Income Statement
What major U.S. law was passed in 2002 to restore investor confidence after scandals like Enron and WorldCom?
Sarbanes-Oxley Act (SOX)
What type of accountant investigates financial crimes like embezzlement, fraud, or money laundering?
forensic accountant
Which one of these are accounting professors at Rutgers?
A. Gilbert B. Sahay
C. Marie-Ann D. Vogelmann
Sahay
What IRS form do most individuals use to file their annual income tax return?
Form 1040
What does "accrual basis" accounting mean?
recording revenues and expenses when they are earned or incurred, not when cash is received or paid.
What TV show features a character named Angela who works in accounting and is obsessed with cats?
The Office
Which government agency hires forensic accountants to help with criminal investigations and has even featured them in job recruitment campaigns?
FBI
Which Big 4 firm has the slogan "Building a better working world"?
EY
Which of the following is considered taxable income, even if you don’t receive a paycheck?
A. Birthday money from your parents
B. Tips earned as a waiter
C. A Venmo payment from a friend who owed you money
D. Refund from a clothing return
What is B. Tips earned as a waiter?
What is the purpose of depreciation on the financial statements?
to allocate the cost of a long-term asset over its useful life as an expense.
Which major tech company's co-founder famously dropped out of college and later admitted to fudging Apple's financial statements to impress investors in the early days?
Steve Jobs; had manipulated revenue recognition timing - an early "startup" accounting maneuver.
📋🔍🏢🗂️✍️
This accounting pro reviews financial records, visits client offices, and makes sure companies follow the rules — without issuing opinions in court.
external auditor
Who won the song of the year GRAMMY in 2025?
Kendrick Lamar
Which of the following federal tax credits is designed to help low- and moderate-income workers and may provide a refund even if no taxes are owed?
A. Child Tax Credit
B. Lifetime Learning Credit
C. Earned Income Tax Credit
D. Saver’s Credit
What is C. Earned Income Tax Credit?
Classify each of the following accounts as an asset, liability, or stockholders’ equity:
Accrued Expenses
Additional Paid-In Capital
Prepaid Insurance
Accrued Expenses – Liability
Additional Paid-In Capital – Stockholders’ Equity
Prepaid Insurance – Asset
What popular snack food company was involved in a major accounting scandal in the early 2000s when it was discovered they had overstated profits by near $3 billion?
Krispy Kreme
What month was our Careers in Accounting meeting?
November
What is the only letter in the English alphabet that does not appear in the name of any U.S. state?
The letter Q!