Accounting Jeopardy Unit 1

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Presentation transcript:

Accounting Jeopardy Unit 1

Accounting Jeopardy 100 200 300 400 500 Basic Terms Accounting Equation Transactions Principles 100 200 300 400 500

That’s all folks Exit

Terms $100 One owner

What is a sole proprietorship? Terms $100 What is a sole proprietorship?

Terms $200 More than one owner.

Terms $200 What is a partnership?

Terms $300 Owned by stockholders.

Terms $300 What is a corporation?

A person who starts his own business. Terms $400 A person who starts his own business.

What is an entrepreneur? Terms $400 What is an entrepreneur?

Money invested by the owner. Terms $500 Money invested by the owner.

Terms $500 What is capital? What is an investment?

Accounting Equation $100 Accounting equation.

What is: Assets = Liabilities + Owners Equity? Accounting Equation $100 What is: Assets = Liabilities + Owners Equity?

Something owned by a company. Accounting Equation $200 Something owned by a company.

Accounting Equation $200 What is an asset?

Accounting Equation $300 Something owed.

Accounting Equation $300 What is a liability?

An event that changes either an increase or decrease in an account. Accounting Equation $400 An event that changes either an increase or decrease in an account.

Accounting Equation $400 What is a transaction?

Claim to the assets of a company. Accounting Equation $500 Claim to the assets of a company.

Accounting Equation $500 What is equity?

Income earned from the sale of goods or services? Transactions $100 Income earned from the sale of goods or services?

Transactions $100 What is a revenue?

The price paid for goods and services used to operate a business. Transactions $200 The price paid for goods and services used to operate a business.

Transactions $200 What is an expense?

Two or more accounts must always be affected. Transactions $300 Two or more accounts must always be affected.

Transactions $300 What is duel entry?

Transactions $400 Cost of assets consumed or services used in the processing of earning revenue.

Transactions $400 What is an expense.

Money used for personal use by the owner. Transactions $500 Money used for personal use by the owner.

What is a withdrawal? Or drawing account. Transactions $500 What is a withdrawal? Or drawing account.

A business exist separate for the owner’s personal finances. Principles $100 A business exist separate for the owner’s personal finances.

What is accounting principle of business entity? Principles $100 What is accounting principle of business entity?

Principles $200 Describes asset valuation that are factual and can be verified by independent experts.

What is the objectivity principle. Principles $200 What is the objectivity principle.

Assumption that a business will survive and operate indefinitely. Principles $300 Assumption that a business will survive and operate indefinitely.

What is the accounting assumption of going concern? Principles $300 What is the accounting assumption of going concern?

Principles $400 Two accounts.

Every transaction involves at least how many accounts? Principles $400 Every transaction involves at least how many accounts?

Business’s economic events recorded by accountants. Principles $500 Business’s economic events recorded by accountants.

Principles $500 What is a transaction