CLA Facts & Figures
The largest CLA office is located in this city
Minneapolis, MN
All taxpayers must use one of three basic tax forms. Name two of these three tax forms.
Form 1040, Form 1040A or 1040EZ
President of the University of St. Thomas
Julie Sullivan
Does GAAP require the accrual or cash basis of accounting?
Accrual
True or false: Minnesota has 90,000 miles of shoreline, more than California, Florida and Hawaii combined
True!
CLA has approximately this many offices in the United States
120+
Willful failure to pay taxes is called ______ ________
Tax Evasion
Number/locations of campus locations UST has
3! St. Paul, Minneapolis, and Rome (Bernardi Campus)
The three branches of accounting
Financial Accounting, Management Accounting, Cost Accounting
The Minnesota state fish
Walleye
*Daily Double*
Name two of the industry groups that CLA serves
Private Sector, Public Sector, Financial Institutions, Healthcare, Emerging Industry Groups (sub-industries count as well)
All taxpayers must file their Income Tax by this date
April 15th
This professional services firm audits the University of St. Thomas
CLA
The term used to explain how quickly a company can convert assets into cash
Liquidity
Name three Fortune 500 companies based out of Minnesota
Polaris, Thrivent Financial, Hormel Foods, Xcel Energy, Ameriprise Financial, Ecolab, Land O'Lakes, Supervalu, General Mills, CH Robinson, U.S. Bank, CHS, 3M, Target, Best Buy, UnitedHealth Group
Name the three distinct service lines that CLA offers
1. Audit, tax, consulting
2. Wealth Advisory
3. Outsourcing
What is a flat tax system?
A tax system that applies the same tax rate to every taxpayer regardless of their income bracket
What is the name of the diner on South Campus?
The Bins
The book value of an asset is defined as _______
Cost Minus Accumulated Depreciation
Deepest point of Lake Superior
601 feet
CLA CEO, Denny Schleper, attended this university, more commonly referred to as UST's biggest rival
St. John's University
This type of entity generally involves one founder and owner, and is reported on schedule C of that individual’s tax return
Sole Proprietorship
The conference that Tommie Athletics has been invited to join after spring 2021
The Summit League
*Daily Double*
What is working capital
Working capital is calculated as current assets minus current liabilities, which is used in day-to-day trading
78