kahoots

• Who is the highest ranking executive?

  CEO
• Where can you see assets, liabilities and capital?

  Balance sheet
• Who's in charge of the Balance sheet?

  accountant
• Who is does not need financial information: managers, financial analysis, competitors, investors or creditors?

  competitors
• Who investigates potential theft or fraud?

  auditing firms
• security that represents the ownership?

  a stock
• What is the difference in stock and loan?

  with a stock you become partial owner
• What is not a characteristic of stakeholders and stockholders?

  they have to be managers of the company
• Stockholders have direct control of the firm. True or false?

  false
• Which financial statements report the revenues and expenses for a period of time such as a year or a month?

  income statement
• Which financial statements reports the assets, liabilities, and stockholders ́ (owners) equity at a specific date?

  balance sheet
• Under the accrual basis of accounting, revenues are reported in the accounting period when what occurs?

  services or goods have been delivered
• Under the accrual basis of accounting, expenses are reported in the accounting period when what occurs?

  an expense matches the revenues or is used up
• Revenue - expenses = ?

  net income
• Resources owned by a company (such as cash, accounts receivable, vehicles) arereported on the balance sheet and are referred to as...?

  assets
• Assets are usually reported on the balance sheet at which amount?

  acquisition cost
• Obligations (amounts owed) are reported on the balance sheet and are referred to as...?

  liabilities
• Liabilities often have the word ___ in their account title

  payable
• Accounting entries involve a minimum of how many accounts?

  2
• The listing of all the accounts available for use in a company's accounting system is known as the..?

  charts of accounts
• assets - liabilities = ?

  equity
• Which term is associated with "left" or "left side"?

  debit
• Which term is associated with “right” or “right side”?

  credit
• When cash is received, the account Cash will be...?

  debited
• When a company pays a bill, the account Cash will be...?

  credited
• Which companies are audited in spain?

  credit companies
• Which of the following is not a financial statement: cashflow statement, balance sheet, credit statement, income statement?

  credit statement
• Inventories are?

  current assets
• Taxes payable are?

  current liabilities
• finished products are?

  current assets
• Items in the balance sheet are valued at what price?

  acquisition cost
• What financial statement shows how a snapshot of what the company owns and owes?

  balance sheet
• What financial statement shows you the profit the company made?

  income statement
• Depreciation and amortization are real cash expenses. True or false?

  false
• Depreciation is for ___ assets?

  tangible
• Amortization is for ___ assets?

  intangible
• Depreciation is the decrease in value of tangible objects at an accelerated basis.
• Amortization is the decrease of value of intangible objects at a straight-line basis
• Where do we find the information we need to calculate the gross profit?

  Income statement
• Total sales - cost of goods = ?

  gross profit