Accounting Jeopardy Chapter 11

Accounting Jeopardy Basic Terms Acct Rec APGL

Credits That’s all folks. That’s all folks. Exit

Terms $100 An account in a general ledger that summarizes all accounts in the subsidiary ledger. An account in a general ledger that summarizes all accounts in the subsidiary ledger.

Terms $100 What is a controlling account? What is a controlling account?

Terms $200 A listing of customer accounts, account balances, and total amount due all customers A listing of customer accounts, account balances, and total amount due all customers

Terms $200 What is a Schedule of Accounts Receivable? What is a Schedule of Accounts Receivable?

Terms $300 Journal entries are sorted and summarized by transferring information to Journal entries are sorted and summarized by transferring information to

Terms $300 What is a ledger account? What is a ledger account?

Terms $400 A check mark in parentheses below the general debit column of a journal indicates what? A check mark in parentheses below the general debit column of a journal indicates what?

Terms $400 That the total is not posted That the total is not posted

Terms $500 An error in posting may cause this. An error in posting may cause this.

Terms $500 Net Income to be overstated or understated Net Income to be overstated or understated Overpayment to a vendor Overpayment to a vendor Overdraft on checking account Overdraft on checking account

Accts Rec $100 When are the Sales Journal totals posted? When are the Sales Journal totals posted?

Accts Rec $100 What is at the end of each month? What is at the end of each month?

Accts Rec $200 The Schedule of Accounts Receivable should equal this. The Schedule of Accounts Receivable should equal this.

Accts Rec $200 The ending balance in the controlling acount. The ending balance in the controlling acount.

Accts Rec $300 How you open a customer account. How you open a customer account.

Accts Rec $300 Write the Name and customer number on the heading of the ledger account Write the Name and customer number on the heading of the ledger account

Accts Rec $400 This is why the account form for a customer only has a Debit Balance Column This is why the account form for a customer only has a Debit Balance Column

Accts Rec $400 What is Because AR is an Asset account that has a normal credit balance What is Because AR is an Asset account that has a normal credit balance

Accts Rec $500 The separate amounts in the AR debit column of a sales journal are The separate amounts in the AR debit column of a sales journal are

Accts Rec $500 What is posted individually to the AR ledger What is posted individually to the AR ledger

Accounts Payable $100 What causes the previous balance to be added to the new amount posted in the AP ledger. What causes the previous balance to be added to the new amount posted in the AP ledger.

Accounts Payable $100 What is credit is posted to the AP Ledger from the Purchases Journal. What is credit is posted to the AP Ledger from the Purchases Journal.

Accounts Payable $200 Accounts Payable Accounts Payable

Accounts Payable $200 Single general ledger account that summarizes the total amount owed to all vendors? Single general ledger account that summarizes the total amount owed to all vendors?

Accounts Payable $300 A record of the total vendor account balances A record of the total vendor account balances

Accounts Payable $300 What is Accounts Payable Subsidiary Ledger? What is Accounts Payable Subsidiary Ledger?

Accounts Payable $400 How often do you post totals from the cash payments journal. How often do you post totals from the cash payments journal.

Accounts Payable $400 What is at the end of each month? What is at the end of each month?

Accounts Payable $500 The terms of purcase of 5/15, n/30 mean this. The terms of purcase of 5/15, n/30 mean this.

Accounts Payable $500 What is a 5% discount within 15 days or the entire amount is due within 30 days What is a 5% discount within 15 days or the entire amount is due within 30 days

General Ledger $100 Summarizes all information affecting income statement and balance sheet accounts Summarizes all information affecting income statement and balance sheet accounts

General Ledger $100 What is General Ledger? What is General Ledger?

General Ledger $200 How often do you post individual transactions to the general ledger?

General Ledger $200 Depends on number of transactions, could be daily, weekly, monthly. Depends on number of transactions, could be daily, weekly, monthly.

General Ledger $300 Amounts recorded in the general amount columns of a cash receipts journal are posted where?

General Ledger $300 What is General Ledger What is General Ledger

General Ledger $400 How do you determine the number of ledgers your company should have? How do you determine the number of ledgers your company should have?

General Ledger $400 What is number of customers and vendors you have. What is number of customers and vendors you have.

General Ledger $500 The order journals should be posted. The order journals should be posted.

General Ledger $500 What What Sales Sales Purchases Purchases General General Cash Receipts Cash Receipts Cash Payments Cash Payments