2 principles Profit Richamp Cash Poor Extra 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 ID: 778637
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Slide2Cash Basis
Accrual
Basis
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principles
Profit
Rich&
Cash Poor
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Slide3CASH BASIS $100 Question
The practice of summarizing operating results in terms of cash receipts and cash payments, rather than revenue earned or expenses incurred.
Slide4CASH BASIS $100 Answer
What is “Cash Basis Accounting”?
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Slide5CASH BASIS
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Question
Short-term, highly liquid investments, such as money market funds, commercial paper, and Treasury bills that will mature within 90 days from the acquisition date.
Slide6CASH BASIS
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What is “Cash equivalents”?
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Slide7CASH BASIS
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Question
Concept under which cash receipts must be recorded as soon as all restrictions related to the receipt have ended.
Slide8CASH BASIS
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What is “Constructive Receipt”?
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Slide9CASH BASIS $400 Question
Measures taken by management to make the company appear as strong as possible in its financial statements.
Slide10CASH BASIS
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What is “Window Dressing”?
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Slide11CASH BASIS
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Question
This type of corporation refers to any corporation that, under United States federal income tax law, is taxed separately from its owners. This type of corporation is distinguished from an S corporation, which generally is not taxed separately.
Slide12CASH BASIS
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What is “C Corporation”?
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Slide13ACCRUAL BASIS $100 Question
Assets representing advance payment of the expenses of future accounting periods. As time passes, adjusting entries are made to transfer the related costs from the asset account to an expense account.
Slide14ACCRUAL BASIS $100 Answer
What is “Prepaid Expenses” (or Deferred Expenses)
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Slide15ACCRUAL BASIS
$200
Question
An obligation to deliver goods or render services in the future, stemming from the receipt of advance payment.
Slide16ACCRUAL BASIS
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What is “Unearned revenue” (or Deferred Revenue)?
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Slide17ACCRUAL BASIS
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Question
Money owed to a business by its clients (customers or debtors) and shown on its balance sheet as an asset.
Slide18ACCRUAL BASIS
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What is “Account Receivable”?
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Slide19ACCRUAL BASIS
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Question
This account is never touched during adjusting entries.
Slide20ACCRUAL BASIS
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What is “Cash account”?
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Slide21ACCRUAL BASIS
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Question
The only Accounting Method accepted by GAAP.
Slide22ACCRUAL BASIS
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Answer
“What is
Acrual
Based Accounting?
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Slide232 PRINCIPLES $100 Question
The generally accepted accounting principle that determines when expenses should be recorded in the accounting records. The revenue earned during an accounting period is matched (offset) with the expenses incurred in generating that revenue.
Slide242 PRINCIPLES $100 Answer
What is “matching principle”?
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Slide252 PRINCIPLES
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The general accepted accounting principle that determines when revenue should be recorded in the accounting records. Revenue is realized when services are rendered to customers or when goods sold are delivered to customers.
Slide262 PRINCIPLES
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What is “realization principle”?
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Slide272 PRINCIPLES
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Accounting principle which plays a major role in making of adjusting entries.
Slide282 PRINCIPLES
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What is “materiality”?
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Slide292 PRINCIPLES
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Question
Entries made at the end of the accounting period for the purpose of recognizing revenue and expenses that are not properly measured as a result of journalizing transactions as they occur.
Slide302 PRINCIPLES
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What is “adjusting entries”?
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Slide312 PRINCIPLES
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Question
The accounting treatment accorded to this items is of little or no consequence to decision makers.
Slide322 PRINCIPLES
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What is “immaterial items”?
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Slide33PROFIT RICH AND CASH POOR
$100 Question
A financial statement summarizing the results of operations of a business by matching its revenue and related expenses for a particular accounting period. Shows the net income or net loss.
Slide34PROFIT RICH AND CASH POOR
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What is “income statement”?
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Slide35PROFIT RICH AND CASH POOR
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An increase in owners’ equity resulting from profitable operations. Also, the excess of revenue earned over the related expenses for a given period.
Slide36PROFIT RICH AND CASH POOR
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What is “net income”?
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Slide37PROFIT RICH AND CASH POOR
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Assets that have been pledged to secure specific liabilities. Creditors with secured claims can foreclose on (seize the title to) these assets if the borrower defaults.
Slide38PROFIT RICH AND CASH POOR
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What is “collateral”?
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Slide39PROFIT RICH AND CASH POOR
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Question
A book written by
Dr.Howard Schilit which talks about seven primary ways in which corporate management manipulates the financial statements of a company.
Slide40PROFIT RICH AND CASH POOR
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What is “Financial Shenanigans?”
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Slide41PROFIT RICH AND CASH POOR
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Question
Income coming from interest payments, dividends, capital gains collected upon the sale of a security or other assets, and any other profit that is made through an investment vehicle of any kind.
Slide42PROFIT RICH AND CASH POOR
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What is “investment income”?
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Slide43Business 1B 3059 $100 Question
The interest that a debtor pays before the first scheduled debt repayment.
Slide44Business 1B 3059 $100 Answer
What is “Prepaid Interest’?
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Slide45Business 1B 3059 $
200
Question
A type of account in the current liabilities section of a company's balance sheet. This account is comprised of taxes that must be paid to the government within one year.
Slide46Business 1B 3059 $
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What is “Income Tax Payable”?
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Slide47Business 1B 3059 $
300
Question
Income that a company receives from its normal business activities, usually from the sale of goods and services to customers.
Slide48Business 1B 3059 $
300
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What is “revenue”?
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Slide49Business 1B 3059 $
400 Question
Outflow of money to another person or group to pay for an item or service, or for a category of costs
Slide50Business 1B 3059 $
400
Answer
What is “expense”?
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Slide51Business 1B 3059 $
500
Question
Jeopardy
+ Bingo = ?
Slide52Business 1B 3059 $
500
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What is “
Jeopardingo
”?
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