Accounting JEOPARDY! Semester 1 Final Exam Review Get ready to play… Mrs. Giovenco Mrs. Becker 2003

Accounting JEOPARDY! 1.The room will be divided into two groups or teams. 2.Each side will take turns selecting a question. 3.Each person from the team will have a chance to answer (we will go up and down the rows with each question so everyone gets a chance). 4.If you cannot answer within 15 seconds, the player may opt to “pass” to their teammates to answer. (NO HELPING!) 5.If they cannot answer within 15 seconds, we will give the other team a chance to answer. 6.Incorrect answers in Double Jeopardy will be penalized—so be careful! 7.You may use your books/notes but hurry up! Time will run out! 8.There are 4 Daily Doubles. 9.A score keeper is needed. 10.Answers must be in the form of a question. 11.The team with the most money wins! Let’s Play!

$500 $400 $300 $200 $100 ConceptsCh. 6 & 7Ch. 3, 4, 5Ch. 1 & 2Potpourri

What is an asset? Anything of value that is owned. Potpourri

Who are the Tampa Bay Bucs? The winner of the last Super Bowl. Potpourri

What is a sole proprietorship? A business owned by one person. Potpourri

Who are Chandler, Ross, Joey, Monica, Rachel, and Phoebe? The six characters’ names in Friends. Potpourri

What is: 1. Write date, 2. Write GJ page #, 3. Write what happens, 4. Calculate balance on account, 5. Write account # under Post Ref. The five steps in the posting process. Potpourri

What is business entity? Financial information is recorded and reported separately from the owner’s personal financial information. Concepts

What is going concern? Financial statements are prepared with the expectation that a business will remain in operation indefinitely. Concepts

What is realization of revenue? Revenue is recorded at the time goods or services are sold. Concepts

What is objective evidence? A source document is prepared for each transaction. Concepts

What is unit of measurement? Business transactions are stated in numbers that have common values, that is, using a common unit of measurement. Concepts

What is assets = liabilities + owner’s equity? The accounting equation. Ch. 1 & 2

What is a balance sheet? A financial statement that reports assets, liabilities, and owner’s equity on a specific date. Ch. 1 & 2

What is revenue? An increase in owner’s equity resulting from the operation of a business. An account in this category would be Sales. Ch. 1 & 2

What is accounting? Planning, recording, analyzing, and interpreting financial information. Ch. 1 & 2

What is an asset account? An increase in an asset account would cause a decrease in this type of account. Ch. 1 & 2

What is a credit? An amount recorded on the right side of the t- account. Liabilities have this as its normal balance. Ch. 3, 4, & 5

What is debit? An expense account has this for its normal balance. To increase an expense account, you would also do this. Ch. 3, 4, & 5

What is a journal? A form for recording transaction in chronological order. Ch. 3, 4, & 5

What is a sales invoice? The source document for recording sales on account. Ch. 3, 4, & 5

What is a general ledger? A group of accounts that contain all accounts needed to prepare financial statements. You would post from your general journal to this. Ch. 3, 4, & 5

What is a blank endorsement? An endorsement consisting only of the endorser’s signature. It is not recommended that you do this until you are at the bank. Ch. 6 & 7

What is a dishonored check? A check that a bank refuses to pay is called this. Ch. 6 & 7

What is a debit card? A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder. Ch. 6 & 7

What is petty cash? When journalizing the initial entry for establishing petty cash, this is the account that is debited. Ch. 6 & 7

What is a fiscal period (accounting period)? The length of time for which a business summarizes and reports financial information is this. Ch. 6 & 7