Accounting Trivia
Crunch scandalous numbers and debits with a wink—prove you’re more than just bean-counting boredom.
EXAMPLE QUESTIONS
What three-letter acronym describes the standardized framework U.S. companies use to prepare balance sheets, income statements, and cash flow statements?
GAAP
Which 15th-century Italian mathematician and Franciscan friar published the first detailed description of double-entry bookkeeping in 1494, earning the title “Father of Accounting”?
Luca Pacioli
Which 2002 U.S. law, enacted in response to the Enron scandal, established stricter corporate governance and financial reporting requirements?
Sarbanes-Oxley Act
When balancing a company’s books, the fundamental equation states Assets = Liabilities + what?
Equity
Which bureau of the Department of the Treasury administers and enforces federal tax laws?
Internal Revenue Service