What US law, enacted in 2002, created the Public Company Accounting Oversight Board?
Answer
Sarbanes-Oxley Act
32309 Easy Trivia Questions
32309 public questions at this depth. How many can you answer?
What accounting method records revenue when earned and expenses when incurred?
Answer
Accrual basis
Which private-sector organization sets accounting standards in the United States?
Answer
Financial Accounting Standards Board
What does FIFO stand for in inventory costing?
Answer
First In, First Out
What is the name of the financial statement that shows the sources and uses of cash?
Answer
Cash flow statement
What is the accounting term for profits distributed to shareholders?
Answer
Dividends
Which financial statement summarizes revenues and expenses over a period?
Answer
Income statement
What is the term for money a business owes to its suppliers for purchases on credit?
Answer
Accounts payable
What does GAAP stand for in accounting?
Answer
Generally Accepted Accounting Principles
What is the accounting term for money owed to a company by its customers on credit?
Answer
Accounts receivable
In accounting, what is the name of the complete list of accounts used by a business?
Answer
Chart of accounts
What is the accounting term for the cost of borrowing money?
Answer
Interest expense
Which accounting concept states that items should be recorded at their original cost?
Answer
Historical cost principle
What financial ratio is calculated as current assets divided by current liabilities?
Answer
Current ratio
In accounting, what does the acronym CPA stand for?
Answer
Certified Public Accountant
What term describes a company's total sales minus the cost of goods sold?
Answer
Gross profit
What accounting standard is used by most countries outside the United States?
Answer
IFRS (International Financial Reporting Standards)
What bookkeeping system ensures that debits always equal credits?
Answer
Double-entry bookkeeping
What accounting principle requires expenses to be recorded when incurred, not when paid?
Answer
Accrual principle
What financial statement shows a company's assets, liabilities, and equity?
Answer
Balance sheet
What financial statement shows a company's revenues and expenses?
Answer
Income statement
What Italian mathematician is considered the father of accounting?
Answer
Luca Pacioli
What is the fundamental accounting equation?
Answer
Assets = Liabilities + Equity
Which brand's mascot is a green gecko named Martin?
Answer
Geico
Which video streaming service's logo is a red 'N'?
Answer
Netflix
Which retail chain's logo is a red bullseye?
Answer
Target
Which fast food chain's logo is two golden arches forming an 'M'?
Answer
McDonald's
Which sportswear brand uses a three-stripe logo?
Answer
Adidas
Which breakfast cereal brand features a tiger mascot named Tony?
Answer
Frosted Flakes
Which coffee chain has a green mermaid in its logo?
Answer
Starbucks
Which soda brand is known by the slogan 'the real thing'?
Answer
Coca-Cola
Which company's logo is a bitten apple?
Answer
Apple Inc.
Which company runs the Chinese online retailer JD.com?
Answer
JD.com, Inc.
Which company operates the Chinese online retail platform Tmall?
Answer
Alibaba Group
What was Amazon's original name before being renamed?
Answer
Cadabra
What is the name of Alibaba's annual shopping festival on November 11?
Answer
Singles' Day