By Christa Lapointe Chapter 4 Jeopardy Template By Christa Lapointe Chapter 4

Jeopardy Category1 Category2 Category3 Category4 100 200 300 400 500

Credits That’s all folks. Exit

Category 1 $100 First step in the accounting cycle

Category 1 $100 ORIGINATING DATA

Category 1 $200 Second step in the accounting cycle

Category 1 $200 JOURNALIZING

Category 1 $300 Third step in the accounting cycle

Category 1 $300 POSTING

Category 1 $400 What is the fourth step in the accounting cycle

Category 1 $400 TRIAL BALANCE

Category 1 $500 Transferring debit and credits from the journal to the ledger.

Category 1 $500 POSTING

Category 2 $100 Checking to see if the debits and credits equal at the bottom of a journal page.

Category 2 $100 JOURNAL PROOF

Category 2 $200 An entry that involves more than two entries is known as a ________________ entry.

Category 2 $200 COMPOUND

Category 2 $300 101-199 201-299

Category 2 $300 ASSETS LIABILITIES

Category 2 $400 Book of Original Entry

Category 2 $400 JOURNAL

Category 2 $500 Book of Secondary Entry/Final Entry

Category 2 $500 LEDGER

Category 3 $100 What is the last step in the posting process.

Category 3 $100 POST REFERENCE

Category 3 $200 Rules for using dates in the date column

Category 3 $200 2009 Nov. 8 22 Dec. 1 2

Category 3 $300 A summary of the balances of the ledger accounts is known as a ___________________.

Category 3 $300 TRIAL BALANCE

Category 3 $400 Documents that give evidence that a transaction took place.

Category 3 $400 SOURCE DOCUMENTS

Category 3 $500 The GAAP used by accountants to prove that a business transaction did occur.

Category 3 $500 OBJECTIVITY PRINCIPLE

Category 4 $100 Revenue and Capital have a _________ balance. Expenses and Drawings have a _________ balance.

Category 4 $100 CREDIT DEBIT

Category 4 $200 A list of all accounts of the business with their account numbers is called the _____________.

Category 4 $200 CHART OF ACCOUNTS 101-199 assets 201-299 liabilities 301-399 owner’s equity 401-499 revenue 501-599 expenses

Category 4 $300 Examples of source documents

Category 4 $300 SALES INVOICE – providing a sale / revenue PURCHASE INVOICE – received when buying something REMITENCE SLIP – receipt when a cheque comes in DEPOSIT SLIP – what you get from the bank when depositing money CHEQUE STUB – show where and how much every cheque is for OPENING BALANCE SHEET – beginning of a business

Category 4 $400 Advantages of journals

Category 4 $400 CHRONOLOGICAL ORDER EQUIALITY CHECKS

Category 4 $500 Expense Principle Revenue Principle Entity Concept Matching Principle

Category 4 $500 RECOGNIZE EXPENSES AND REVENUE WHEN IT TAKES PLACE, NOT WHEN MONEY CHANGES HANDS ENTITY – DIFFERENCE BETWEEN PERSONAL AND BUSINESS ACCOUNTS MATCHING – COMPARING REVENUE AND EXPENSES FOR THE SAME ACCOUNTING PERIOD

Double Jeopardy General Journal Personal investment of 20 000 from Lapointe into the business. (deposit slip) Bought a truck for 10 000 on account from MJ Ford (purchase invoice 212) Post to the General Ledger Accounts needed: cash (101), capital (301), truck (109) and acc.pay./MJ Ford (202)