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Accounting Questions
Wiss Facts
Wiss Employees
Wiss Services
100

What does GAAP stand for?

Generally Accepted Accounting Principles

100

What year was Wiss founded?

1969

100

Approximately how many employees are at Wiss? Closest answer wins.

Between 450-500

100

Name 2 of Wiss' main departments.

Tax, Assurance, Advisory, Wealth Management

200

What are the 4 main components of a financial statement?

Balance Sheet, Income Statement, Statement of Changes in Equity and Cash Flow Statement

200

What do we call employees who leave Wiss and come back to work at Wiss?

Boomerangs

200

What is the name of the Managing Partner at Wiss?

Paul Peterson
200

Name an industry that Wiss performs services for?

Many! - Real Estate, Construction, Marketing, Manufacturing, Distribution, Food and Beverage, Healthcare
300

If a company buys office supplies for $500 cash, what accounts are affected? (provide the debits and credits)

Debit - Office Supplies $500 and Credit - Cash $500

300

How many offices does Wiss have? BONUS: if can name all locations.

4 offices: Florham Park, Flemington, NYC and Boca Raton

300

What is the name of the Partner who runs our Advisory practice at Wiss?

Paul Ursich

300

Which department at Wiss performs Reviews and Compilations?

Assurance

400

A company prepaid $12,000 for insurance on July 1 for a 12-month policy. What are the adjusting entries at year-end?

  • Annual policy: $12,000 ÷ 12 months = $1,000 per month.
  • Used: 6 months × $1,000 = $6,000 (insurance expense).
  • Remaining: $6,000 (prepaid insurance).
  • DR Insurance Expense $6,000 and CR Prepaid Expense $6,000
400

Where was the Wiss office before we moved to Florham Park?

Livingston, NJ

400

Who is Wiss' Chief Operating Officer?

Amanda Dominguez

400

What is a Month End Close?

An accounting procedure that finalizes and closes our all financial activity for a business for the preceding month.

500

What is the purpose of a trial balance, and what does it mean if it doesn’t balance?

A trial balance is a report that lists all the accounts and their balances from the general ledger at a specific point in time. When it's out of balance it could mean: 1. a transaction was recorded only on one side (debit or credit), 2. Incorrect amounts posted, 3. Missing entries

500

How many female Partners are at Wiss? Closest answer wins.

11

500
What is the name of the employee who hands out the mail around the Florham Park office?

Peter Rudnik

500

Who runs our Wealth Management Team at Wiss?

Stephanie Hughes