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 T or F? Many businesses choose a one-year fiscal period that ends during a period of low business activity.

1 TRUE Home

2 T or F? Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept.

2 TRUE

3 On a work sheet, the balance of the owner’s capital account is extended to the A. Balance Sheet Debit Column B. Balance Sheet Credit Column

3 B. Balance Sheet Credit Col.

4 T or F? If the trial balance columns are not equal and the difference is 1, the error is often in addition.

4 TRUE

5 T or F? A financial statement showing the revenue and expenses for a fiscal period is called a balance sheet.

5 FALSE

6 T or F? If total expenses is greater than total revenue, the difference is called a net income.

6 FALSE

7 A proof of the equality of debits and credits in a general ledger is called a ___________ __________

7 TRIAL BALANCE

8 A financial statement that reports assets, liabilities, and owner’s equity on a specific date is called a ____________ ___________

8 BALANCE SHEET

9 T or F? Two financial statements are prepared from the information on a work sheet.

9 TRUE

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1 When total revenue is greater than total expenses, the difference is called a ______ ___________.

1 NET INCOME Home

2 T or F? A fiscal period is the length of time a business summarizes and reports financial information.

2 TRUE

3 T or F? A net loss is entered in the work sheet’s Income Statement Credit and Balance Sheet Debit columns.

3 TRUE

4 T or F? On a trial balance, all general ledger account titles are listed.

4 TRUE

5 T or F? The Accounting Period Cycle concept is where you report changes in financial information for a specific period time in the form of financial statements.

5 TRUE

6 The normal balance of all expense accounts is A. Debit B. Credit

6 A. Debit

7 T or F? Changes recorded on a work sheet to update the general ledger accounts at the end of fiscal period is commonly known as adjustments.

7 TRUE

8 T or F? A work sheet is a columnar accounting form used summarize the general ledger information needed to prepare financial statements.

8 TRUE

9 T or F? The value of prepaid insurance coverage used during a fiscal period is not an expense.

9 FALSE

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1 T or F? The balance of the supplies account PLUS the value of the supplies on hand equals the up-to-date balance supplies account

1 FALSE Home

2 T or F? It is okay to erase errors made in the work sheet but not permanent records like a general ledger.

2 TRUE

3 T or F? Following the same accounting procedures in the same way in each accounting period is called Consistent Reporting.

3 TRUE

4 The first item in the header of the work sheet is A. Date B. Company Name C. Work Sheet

4 B. Company Name

5 T or F? If you miss recording a number while creating the Trial Balance, the columns will not equal

5 TRUE

6 T or F? Single rule is completed to verify the numbers in two columns match and are equal to one another.

6 B. FALSE

7 T or F? If the trial balance columns are not equal and the difference is $50.00, the error is likely a $25.00 amount written in the wrong column

7 TRUE

8 T or F? The heading, account titles, trial balance, adjustments, income statement, and balance sheet are all included in the work sheet

8 TRUE

9 T or F? Prepaid Insurance and Supplies are two asset accounts likely to have adjustments to their balances.

9 TRUE