Accounting Terms, Concepts, and Procedures, Quizzes of Accounting

Download Accounting Terms, Concepts, and Procedures and more Quizzes Accounting in PDF only on Docsity! TERM 1 Balance Sheet DEFINITION 1 statement that shows how much or what a business has in assets, liabilities, and owners equity. TERM 2 Audit DEFINITION 2 assessment of financial accounts to make sure they are accurate and efficient, usually carried out by an accountant. TERM 3 What accounting courses are taken in your sophomore year? DEFINITION 3 Principles of Financial Accounting (Acc 2013) and Principles of Managerial Accounting (Acc 2023).Must have A or B to go on.... TERM 4 When do accounting firms recruit for internships and full time positions? DEFINITION 4 Many accounting firms begin recruiting for interns up to a year in advance in anticipation of their permanent staffing needs in two years. Students should start interviewing a year before they want an internship. The summer before the students' senior year in college. TERM 5 When do most internships begin and end? DEFINITION 5 BEGIN: End of seniors' fall semester/ during seniors' spring semesterEND: TERM 6 How many hours are required to sit for the CPA exam? DEFINITION 6 150 hours(by state and bachelors degree) TERM 7 How long is a masters program? DEFINITION 7 1 year (30 hours) TERM 8 When is the Becker CPA review program offered? DEFINITION 8 Second semester of senior year.It costs $2,000. TERM 9 Topic areas within accounting DEFINITION 9 Financial Accounting Managerial Accounting Cost Accounting Systems Accounting Tax Accounting Audit Accounting Governmental Accounting Forensic Accounting TERM 10 Why did Walt Pavlo help steal $6 Million from MCI? DEFINITION 10 Hatred of his clientsHatred of his companyHatred of himself TERM 21 Sales - cost of goods sold= _________(as an amount) DEFINITION 21 Gross Profit TERM 22 Sales - cost of goods sold= _________(as a percentage) DEFINITION 22 Gross Margin TERM 23 Net income ____________________ number of shares outstanding DEFINITION 23 Earnings Per Share(Net income divided by the number of shares outstanding) TERM 24 Can the profitability of a company be determined by its earnings per share? DEFINITION 24 No TERM 25 Dividend DEFINITION 25 A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. TERM 26 Dividend Yield DEFINITION 26 the company's total annual dividend payments divided by the number of shares. Dividend ---------------------- # of shares TERM 27 current market price _________________________ earnings per share DEFINITION 27 Price to Earnings Ratio TERM 28 In today's market, what is the dividend rate of a growth stock? DEFINITION 28 Between 0 and 2 TERM 29 In today's market, an income stock will have a dividend yield between... DEFINITION 29 3% and 5% TERM 30 What is an IRA? DEFINITION 30 Individual Retirement AccountTAX DEDUCTIBLEWhen you withdraw from your IRA in retirement, the withdrawals are taxed as income. TERM 31 Roth IRA DEFINITION 31 A Roth IRA is a certain type of retirement plan that isNOT TAX DEDUCTIBLEWhen you withdraw from your Roth IRA in retirement, the withdrawals are NOT taxed as income. TERM 32 401(k) DEFINITION 32 retirement savings plan allows a worker to save and invest for retirement while deferring current income taxes on the saved money and earnings until withdrawal.Named for its IRS tax code TERM 33 "The rule of seventy-two" DEFINITION 33 Years to double = 72 / Interest Rate TERM 34 Most recognized financial ratio that reports the results of a corporation's operations DEFINITION 34 Earnings Per Share TERM 35 An increase in the dividend ration typically results... DEFINITION 35 in an increase in the stock price