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This. is. Accounting. Y. J. A. E. R. D. O. P. Categories. 200. 200. 200. 200. 200. 400. 400. 400. 400. 400. 600. 600. 600. 600. 600. 800. 800. 800. 800. 800. 1000. 1000. 1000. 1000. 1000. FINAL JEOPARDY. Mind the GAAP - $200. - PowerPoint PPT Presentation

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Page 1: This

ThisThis

AccountinAccountingg

isis

J O APE R D Y

Page 2: This

CategoriesCategories

Mind the GAAP

1-2-3 Accounting

What is accounting?

OhCanada!

Source Document

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FINAL JEOPARDY

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Mind the GAAP - $200

Answer

What are Generally Accepted Accounting Principles?

Formal regulations and common practices that accountants follow.

Page 4: This

Mind the GAAP - $400

Each expense item must be recorded in the same time period as the revenue it helped

to earn.

AnswerWhat is the Matching Principle?

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Mind the GAAP

The accounting for a business should be fair and reasonable.

AnswerWhat is the Principle of Conservatism?

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Mind the GAAP - $800

Answer

What is the Business Entity Concept?

The accounting for a business organization must be kept separate from the personal

affairs of its owner.

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Mind the GAAP - $1000

A business will continue to operate unless it is known that it will not.

AnswerWhat is the Continuing Concern Concept?

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1-2-3 Accounting - $200

A decrease in equity resulting from the owner’s personal withdrawals.

AnswerWhat are drawings?

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1-2-3 Accounting - $400

A page specially designed to record changes in each individual item affecting the financial

position.

AnswerWhat is an account?

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1-2-3 Accounting - $600

The recurring set of accounting procedures carried out during each fiscal period.

AnswerWhat is the accounting cycle?

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1-2-3 Accounting - $800

A business that buys goods and resells them at a higher price for a profit.

AnswerWhat is a Merchandising business?

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1-2-3 Accounting - $1000

The journal is known as this type of book because each balance entry is recorded there

first.

AnswerWhat is the book of original entry?

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What is accounting?$200

The system of dealing with financial information that provides information for

decision making.

AnswerWhat is Accounting?

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What is accounting? $400

A = L + OE

AnswerWhat is the fundamental accounting equation?

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What is accounting? $600

Gathering information about the daily goings on of the business.

AnswerWhat is the first activity in accounting?

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What is accounting? $800

The examination and testing of the books, records, and procedures of a business.

AnswerWhat is auditing?

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What is accounting? $1000

Selling the assets of a company for cash.

AnswerWhat is liquidation?

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CANADA - $200

Canada’s most-read news magazine.

Answer

What is Maclean’s?

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CANADA - $400

The Canadian stock exchange that lists the most companies.

AnswerWhat is the Toronto Stock Exchange?

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CANADA

What vegetable do Canadians eat the most:

Broccoli, carrots, lettuce, or potatoes

AnswerPotatoes

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CANADA - $800

Who is Canada’s second largest trading partner: Great Britain, Japan, or Mexico

AnswerJapan

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CANADA - $1000

This Canadian company is the world’s largest producer of frozen french fries.

Answer

Who is McCain Foods Ltd.?

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Source documents - $200

A financial event that causes a change in financial position.

AnswerWhat is a business transaction?

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Source documents - $400

Answer

What is the opening entry?

The journal entry that starts the account book off.

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Source documents - $600

This person does no accounting for provincial retail sales tax.

Answer

Who is the purchaser?

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Source documents - $800

A bank document informing the business of a decrease made in the business’s bank

account.

Answer

What is a bank debit advice?

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Source documents - $1000

A source document that debits the bank and credits an accounts receivable.

Answer

What is a cash receipt?

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FINAL JEOPARDY

Answer

What are pin totals and pencil footings.

Bank

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