Welcome to... A Game of X’s and O’s

Rules Only one person is asked and can answer NO NOTES Go around the room in order 3 in a row wins the game If no team gets three in a row, whichever team gets 5 marks wins the game Best of 3 series Winning team gets a bonus point

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 A group of accounts is known as this

1 Ledger Home

2 The cash account is the first asset account and is numbered __________

2 110

3 T or F? When all posting is completed, the journal’s Post. Ref. column is completely filled.

3 TRUE

4 When adding an expense account between 510 and 520, the new account # would be:

4 515

5 T or F? Account numbers may be assigned by 10s so new accounts can be added easily

5 TRUE

6 The two steps for opening an account are writing the account title and the __________ ________

6 ACCOUNT NUMBER

7 If the previous account balance and current entry posted are both credits, the new account balance is a ______________

7 CREDIT

8 The first digit in the account number 310 means that the account is in which division of the general ledger?

8 OWNER’S EQUITY

9 A journal entry made to correct an error in a previous journal entry is known as a _____________ ____________

9 CORRECTING ENTRY

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 Writing an account title and number on the heading of an account is known as this:

1 OPENING AN ACCOUNT Home

2 T or F? If a business has only two asset accounts, Cash and Supplies, Supplies is numbered 110.

2 FALSE

3 T or F? The posting reference in the general journal should always be recorded after amounts are recorded in the ledger.

3 TRUE

4 A ledger that contains all accounts needed to prepare financial statements is known as:

4 GENERAL LEDGER

5 The procedure for transferring information from a journal entry to a ledger account is known as:

5 POSTING

6 The normal balance side of an Accounts Payable account is a __________. A.DebitB. CreditC. Equity

6 B. CREDIT Home

7 Determining that the amount of cash agrees with the balance of the cash account is known as this:

7 PROVING CASH

8 The Accounting Equation is:

8 Assets = Liabilities + OE

9 The number assigned to a particular account is known as this:

9 ACCOUNT NUMBER

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 When the previous balance of an account is zero and a debit amount is posted, the new balance is:

1 A DEBIT Home

2 In what order are expense accounts listed in a chart of accounts?

2 ALPHABETICAL

3 What are the FIVE main general ledger divisions?

3 (100) Assets (200) Liabilities (300) OE (400) Revenue (500) Expenses

4 If posting is interrupted, accountants know to resume posting when?

4 The line with the blank Post. Ref. Column in general journal

5 When is our test?

5 Tomorrow or Tuesday

6 Arranging accounts, assigning account numbers, and keeping records current is known as:

6 FILE MAINTENANCE

7 If I were to add a Water Expense account underneath my Utilities Expense (540) account, what number would I assign?

7 550

8 What town does Mr. Ulmer live in? A.Lancaster B. Mechanicsburg C. Carlisle D. York

8 B. MECHANICSBURG Home

9 What does CPA stand for?

9 Certified Public Accountant