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? No source document is prepared for adjusting entries, which is why the entries are prepared with a heading in the general journal.

1 TRUE Home

2 Permanent accounts are also referred to as nominal accounts.

2 FALSE

3 The Income Summary does not have a normal balance which makes it unique.

3 TRUE

4 What is the first step in the accounting cycle?

4 Analyze transactions

5 What is the last step in the accounting cycle?

5 Prepare a Post-Closing Trial Balance

6 Journal entries recorded to update general ledger accounts at the end of a fiscal period are known as

6 Adjusting Entries

7 The series of accounting activities included in recording financial information for a fiscal period is ______________ _______________

7 Accounting Cycle

8 Where are adjustments located, analyzed, and planned?

8 On a work sheet

9 Accounts used to accumulate information from one fiscal period to the next is _____________ ____________

9 Permanent Accounts

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1 A trial balance prepared after closing entries are posted is known as this:

1 Post-Closing Trial Balance Home

2 T or F? All accounts in a general ledger are listed on a post-closing trial balance.

2 FALSE

3 T or F? Temporary accounts must start each fiscal period with a zero balance.

3 TRUE

4 Accounts used to accumulate information until it is transferred to the owner’s capital account is known as:

4 Temporary Accounts

5 T or F? Dr. Supplies and Cr. Supplies Expense is the correct adjusting entry for Supplies.

5 FALSE

6 T or F? The journal entry to adjust Prepaid Insurance is: Dr. Insurance Expense, Cr. Prepaid Insurance

6 TRUE

7 T or F? Adjusting entries are recorded on the next journal page following the page on which the last daily transactions for the month are recorded.

7 TRUE

8 T or F? The Income Summary should be reduced to zero the prepare the account for the next fiscal period.

8 TRUE

9 Temporary Accounts begin each new fiscal period with a ______________ ______________

9 Zero Balance

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

1 How do you close expense accounts?

1 Dr. Income Summary, Cr. Each Expense Account Home

2 T or F? Assets, Liabilities, and Owner’s Capital are all temporary accounts.

2 FALSE

3 T or F? Revenue, Expense, Drawing, and Income Summary are all Permanent Accounts.

3 FALSE

4 If a Post-Closing Trial Balance is prepared on December 31 st, how is the date prepared and written?

4 December 31, 2013

5 T or F? Adjusting Entries and Closing Entries are the two headings written in the general journal

5 TRUE

6 T or F? Ending account balances for permanent accounts are used as the beginning balances for next fiscal period.

6 TRUE

7 T or F? To close a temporary account, an amount equal to its balance on the opposite side must be recorded.

7 TRUE

8 What is the last step of the accounting cycle?

8 Prepare Post-Closing Trial Balance

9 How many steps are in the accounting cycle?

9 8 Steps