Accounting 101 Trivia Pursuit PDF

ACCOUNTING 101 CATEGORIES Accounting Careers Financial Statements Ethics in Accounting The Big 4 AI in Accounting Go global! Question Cards : Questions Answers...

ACCOUNTING 101 CATEGORIES Accounting Careers Financial Statements Ethics in Accounting The Big 4 AI in Accounting Go global! Question Cards : Questions Answers What is the highest-ranking financial position within a company? CFO What type of asset is a building that a company Fixed Asset owns and uses for its operations? What is the primary guiding principle for ethical accounting? Integrity Deloitte, Ernst & Young (EY), KPMG, What are the names of the Big 4 accounting firms? and PricewaterhouseCoopers (PwC) Analyze historical data and identify trends to How can AI improve the accuracy of financial forecasting? create more accurate financial forecasts. What is international accounting? the accounting practices used by companies operating in multiple countries. Questions Answers What do financial planners help individuals create? Personal financial plans. What is the term for the value of goods a company Inventory has available to sell to customers? Sarbanes-Oxley Act (SOX) and Dodd-Frank What legal protections exist for whistleblowers in accounting? Act offer protection against retaliation. They are the four largest accounting Why are they called the "Big 4"? firms in the world. AI can automate data entry tasks by How can AI help with data entry in accounting? extracting information from documents ensures consistency and transparency in Why is international accounting important? financial reporting for multinational companies, Questions Answers What is a key function of an investment banker? Helping companies raise capital. What financial statement shows the revenue and expenses of a business over a period of time? Income statement Why is continuing professional development (CPD) important stay updated on the latest accounting for maintaining ethical standards in accounting? standards, regulations, and ethical guidelines Combined, their annual revenue What is the approximate global revenue of the Big 4 combined? exceeds $150 billion USD. a type of AI that allows computers to learn What is machine learning in accounting? from data without explicit programming What are some of the challenges of international accounting? Different countries have different accounting standards  Questions Answers Who records a company's daily financial transactions? Bookkeeper What is the term for money owed to a company by Accounts receivable its customers for goods or services already delivered? To ensure objectivity and avoid Why is independence important for an auditor? conflicts of interest. Automate routine tasks * Analyze large datasets What is the role of technology in the Big 4? * Improve audit quality * Develop new service offerings AI can automate repetitive audit tasks, How can AI improve efficiency in auditing? allowing auditors to focus on more complex issues and analysis. What is IFRS? International Financial Reporting Standards Questions Answers What is a payroll accountant responsible for calculating Employee paychecks. and processing? What financial statement provides a snapshot of a Balance sheet company's financial position at a specific point in time? No, this is unethical and potentially illegal. Can an accountant manipulate financial results to meet targets? Ensuring the accuracy and reliability of Why are the Big 4 important to the global economy? financial reporting contributing to trust and stability in the capital markets. AI-powered chatbots can answer basic Can AI help with customer service in accounting? accounting questions and provide support What is IASB? International Accounting Standards Board Questions Answers Basic cash transactions like deposits What type of financial transactions does a bank teller handle? and withdrawals. What is the term for the cost of borrowing money, Interest expense often in the form of a loan or credit? Generally no, especially if it could Is it ethical for an accountant to accept a gift from a client? influence their objectivity. Where are the headquarters of Deloitte? New York City, USA By developing skills in data analysis, How can accountants prepare for the impact of AI? critical thinking, and technology. Generally Accepted Accounting What is GAAP? Principles  Questions Answers Who records a company's daily financial transactions? Bookkeeper What is the accounting equation? Assets = Liabilities + Owner's Equity What is the purpose of an audit? To provide an independent opinion on the fairness of financial statements What is the name of Deloitte's global CEO? Joe Ucuzoglu What are some examples of AI-powered accounting software? QuickBooks, Xero, and Zoho Books any transaction that is denominated in a currency other than the company's functional What is a foreign currency transaction? currency Questions Answers Software like QuickBooks or What tools do bookkeepers use to track finances? spreadsheets. What is the purpose of the accounting equation? To balance a company's financial position. What should an accountant do if they discover Correct it immediately an error in a financial statement? What is the name of PwC's global CEO? Mohamed Kande Accountants will still be needed for their Is AI going to replace accountants? expertise, judgment, and strategic thinking. The setting of prices for goods and services What is transfer pricing? transferred between related entities within a multinational company. Questions Answers Who helps individuals and businesses file their taxes? Tax Accountant What are some examples of current assets? cash, accounts receivable, and inventory. What major factor contributed to the accounting scandal Corporate culture at Toshiba, according to investigators? Where are the headquarters of EY? London, UK AI algorithms can analyze large datasets to Can AI detect fraud in accounting? identify unusual patterns and anomalies IFRS tends to be more principles-based, while How does IFRS differ from GAAP? GAAP is more rules-based.  Questions Answers In banks, investment firms, or Where do financial analysts typically work? companies. What is the term for the money a business owes to Liabilities others, such as suppliers or lenders? What was the estimated amount of money lost by investors $65 billion in Madoff's scheme? Competitive salaries, professional How do the Big 4 attract and retain talent? development opportunities, and global mobility programs. What is the role of natural language processing (NLP) in Extracting information from text- accounting? based documents. What is the purpose of the International Accounting Standards To develop and promote global Board (IASB)? accounting standards. Questions Answers What kind of customer service skills do tellers need? Friendliness, accuracy, and the ability to handle cash. What is the formula for calculating gross profit? Total Revenue - Cost of Goods Sold = Gross Profit What type of financial crime was Bernard Madoff convicted of? Securities fraud (He ran a massive Ponzi scheme). Who is the CEO of KPMG? Bill Thomas How are the BIg 4 handling AI? Investing massively The rate at which one currency can be What is a foreign currency exchange rate? exchanged for another. Questions Answers Who determines the value of a house before it is sold? Appraiser What financial statement shows how cash flows Statement of cash flows in and out of a business? fraudulently inflating its assets and What was the main accusation against Sino-Forest in the scandal? revenue. Where are the headquarters of KPMG? Amstelveen, NL Can AI personalize financial advice for clients? Yes Combines the financial statements of a parent What is a consolidated financial statement? company and its subsidiaries into a single report.  Questions Answers Who studies market trends and provides investment Financial Analyst recommendations? What are items such as salaries, rent, and utilities that are needed to run a business called?? Operating expenses What mode of transport was central to Biovail's accounting Truck scandal? How did the Big 4 come to be? Through a series of mergers and acquisitions over many decade By detecting and preventing unauthorized How does AI protect sensitive financial data? access to financial systems. Accounting and financial reporting for What is the role of an international accountant? companies operating globally, ensuring compliance with standards and regulations. Questions Answers Who is responsible for the overall operations of a bank branch? Branch Manager What is the term for the amount of money a business Total revenue earns from its products or services? Which investment bank's collapse in 2008 was partly due Lehman Brothers to its use of Repo 105 transactions to hide debt? What services do the Big 4 accounting firms offer? Auditing, Insurance, Tax, Advisory Analyze invoice patterns and identify How can AI help detect fraudulent invoices? anomalies like duplicate invoices or unusual vendors. multinational corporations, accounting firms, What are some career paths in international accounting? government agencies, and international organizations. Questions Answers Who decides if someone is eligible for a loan? Credit Analyst What is the term for the money a business is required Taxes to pay to the government? Which government-sponsored enterprise understated its earnings Fanny Mae by billions to meet capital requirements? Where are the headquarters of PwC? London, UK Costs vary, but some AI tools are becoming Is AI expensive to implement in accounting? increasingly affordable for small businesses. GAAP or IFRS? Which standards allows LIFO (last-in, first- out) in the treatment of inventory valuation? GAAP