WAC

GAAP

100

What are the three financial statements public companies must report. 

Balance Sheet 

Income Statement 

Statement of Cash flows 

200

Public companies file this form annually 

Form 10-K

300

assets that do not have a physical form 

Intangible assets 

400

According to this principle, businesses must operate as though they will continue indefinitely, unless otherwise stated.

Going concern 

500

revenues, expenses, gains, and losses that have yet to be realized and are excluded from net income on an income statement.

Other Comprehensive Income 

Audit

100

The primary governing body responsible for setting audit standards in the United State

PCAOB

200

This risk is associated with an account or transaction and is not influenced by the internal control environment

inherent Risk 

300

This analytical procedure compares financial data over multiple periods to identify unusual trends

Horizontal Analysis / Trend Analysis 

400

What line item carries the highest audit risk 

revenue 

500

 an attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatement due to fraud or error, and a critical assessment of audit evidence  

Professional skepticism 

NFP / Governmental

100

How many financial statements must a governmental entity prepare according to GASB

2

200

For reporting purposes, all economic resources held by a NFP are classified in one of three categories. Name 2 of them 

Unrestricted Net Assets 

Temporarily restricted net assets 

Permanently restricted net assets 

300

Statement of Revenues & Expenditures for a governmental entity 

Statement of Activities 

400

Statement for Assets & Liabilities for a Governmental entity 

Statement of net position 

500

FASB has established three financial statements for private NFP entities (name all three)

• Statement of Financial Position reports assets, liabilities, and net assets.
• Statement of Activities reports revenues, expenses, gains, and losses.
• Statement of Cash Flows

Tax

100

Which form is business income reported 

Schedule C 

200

For C Corporations, this refers to taxation at both the corporate and shareholder levels

Double-Taxation

300

Name the two Tax accounting Methods

Accrual & Cash Basis 

400

One of the most infamous gangsters in America was able to avoid jail time until the FBI hired forensic accountants, and he was put in jail for income tax evasion in 1931. 

Al Capone

500

This advanced tax strategy involves the deferral of taxes on the appreciation of assets, typically through a tax-free exchange under Section 1031 of the Internal Revenue Code.

Like-Kind Exchange 

Misc

100

Name the Big 4 Accounting Firms

Deloitte 

EY

PWC

KPMG

200

What is the correct method for the depreciation of land

none

300

the father of accounting who said, “a person should not go to sleep at night until the debits equal the credits.” 

Luca Pacioli

400

What is Steve Crowley's 1st rule of business 

Buy low, sell high

500

Greatest Accounting professor of all time

Paula Mann