accounting jeopardy chapters 1-3. categories 100 200 300 400 500 100 200 300 400 500 100 200 300 400...
TRANSCRIPT
AccountingJeopardy
Chapters 1-3
Categories
100
200
300
400
500
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200
300
400
500
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200
300
400
500
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200
300
400
500
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200
300
400
500
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200
300
400
500
Concepts Terms
Debits &
CreditsJournalizing
AcctClassifications
Chapter Questions
100 Question
A
Business transactions are stated in numbers that have common values..
100 AnswerWhat is Unit of Measurement?
200 Question
A
Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
200 AnswerWhat is Going Concern?
300 Question
A
Changes in financial information are reported for a specific period of time in the form of financial statements.
300 AnswerWhat is Accounting Period Cycle?
400 Question
A
The same accounting procedures are followed in the same way in each accounting period.
400 AnswerWhat is Consistent Reporting
500 Question
A
Financial information is recorded and reported separately from the owner’s personal financial information.
500 AnswerWhat is Business Entity?
100 Question
A
Anything of value that is owned.
100 AnswerWhat are Assets?
200 Question
A
The account used to summarize the owner’s equity in a business.
200 AnswerWhat is Capital?
300 Question
A
An amount owed by a business.
300 AnswerWhat are liabilities?
400 Question
A
The financial rights to the assets of a business.
400 AnswerWhat are equities?
500 Question
A
The side of the account that is increased.
500 AnswerWhat is Normal Balance Side?
100 Question
A
An amount recorded on the left side of a T-Account.
100 AnswerWhat is a debit?
200 Question
A
Assets have these as a normal balance.
200 AnswerWhat is a debit?
300 Question
A
Received cash from owner as an investment.
300 AnswerWhat is debit cash and credit O/E?
400 Question
A
Paid cash for insurance.
400 AnswerWhat debit Prepaid Insurance and credit Cash?
500 Question
A
Bought supplies on account from Ling Music.
500 AnswerWhat is debit Supplies and credit Accounts Payable/Ling Music?
100 Question
A
Paid cash for supplies.
100 AnswerWhat is debit supplies and credit cash?
200 Question
A
Paid cash on account to Ling Music.
200 AnswerWhat is debit Accounts Payable/Ling Music and credit Cash?
300 Question
A
Received cash from sales.
300 AnswerWhat is debit cash and credit sales?
400 Question
A
Sold services on account to Kids Time.
400 AnswerWhat is debit Accts Receivable and credit sales?
500 Question
A
Paid cash to owner for personal use.
500 AnswerWhat is debit owner’s capital and credit cash?
100 Question
A
Normal balance of Cash.
100 AnswerWhat is a debit?
200 Question
A
Normal balance of any liability account.
200 AnswerWhat is a credit?
300 Question
A
The classification of Accts. Receivable.
300 AnswerWhat is an asset?
400 Question
A
The account balance of sales.
400 AnswerWhat is a credit balance?
500 Question
A
The classification of accts. payable.
500 AnswerWhat is a liability?
100 Question
A
What two accounts are affected when a business receives cash from sales.
100 AnswerWhat are cash debits and sales credit?
200 Question
A
What two accounts are affected when services are sold on account?
200 AnswerWhat are Sales credit and Accts. Receivable debit?
300 Question
A
The three-line heading on the top of the balance sheet.
300 AnswerWhat is name of business/name of report/date?
400 Question
A
I make up the three sections of a balance sheet.
400 AnswerWhat are assets/liabilities and O/E?
500 Question
A
These are the four questions used to analyze a transaction.
500 AnswerWhat are:1. Which accts are affected?2. How is each account classified?3. How is each classification changed?4. How is each amount entered in the accounts?