BUS 101 Accounting Jeopardy… "Jeopardy" is a registered trademark of Sony Pictures.

Today’s Categories… Cash Merchandising Organizations Accounting Terminology Financial Cents The Balance Sheet Which Statement?

Cash Financial Cents Balance Sheet Which Statem’t? $100100$100100$100100$ $200200$200200$200200$ $300300$300300$300300$ $400400$400400$400400$ $ Actg Terms $ $ $ $ $ Mdsing Orgs $ $ $ $ $500500$500500$500500$ Team 1Team 2Team 3

Cash - $100 Increases in any asset account are shown on a T account’s: What is Debit side? Back to Board

Cash - $200 Increases in any owner’s capital account are shown on a T account’s. What is “Credit side”? Back to Board

Cash - $300 A sale to a customer for which cash will be received at a later date is recorded under. What is “Accounts Receivable”? Back to Board

Cash - $400 When supplies are bought on account. What is Assets increase; liabilities increase? Back to Board

Cash - $500 The beginning cash balance, zero. Total of journal’s Cash Credit Column, $7, Total of journal’s Cash Debit Column, $9, The ending cash balance is. What is “$1,550.00”? Back to Board

Merchandising - $100 When merchandise is purchased on account. What is “Purchases is debited; Accounts Payable is credited? Back to Board

Merchandising $200 During a fiscal period, when a business buys merchandise the transaction is recorded under. What is “Purchases”? Back to Board

Merchandising $300 A post-closing trial balance shows: What is “That debits equal credits after closing entries are posted”? Back to Board

Merchandising $400 If an employee who earns $5.00 an hour has worked 5 hours of overtime and is paid time-and-a-half of overtime, what his/her overtime pay. What is “$37.50”? Back to Board

Merchandising $500 When a company sells merchandise, it credits this account for the cost of the goods that went out the door with the customer. What is the Inventory account? Back to Board

Terminology $100 When the petty cash fund is replenished, the balance of the petty cash account. What is “Remains the same”? Back to Board

Terminology $200 Transferring information from a journal entry to a ledger account is called. What is “Posting”? Back to Board

Terminology $300 DAILY DOUBLEDAILY DOUBLE!!!

Terminology $400 The totals of the general amount columns in a journal are. What is “Not Posted”? Back to Board

Terminology $500 An example of a subsidiary ledger is. What is “An Accounts Payable Ledger”? Back to Board

Financial “Cents” - $100 A net income results when. What is “Total revenue is greater than expenses”? Back to Board

Financial “Cents” - $200 The information needed for journalizing the adjusting entries is obtained from the: What is “Work Sheet’s Adjustments Columns”? Back to Board

Financial “Cents” - $300 One adjustment made on a worksheet for a merchandising business is: What is “Merchandise Inventory”? Back to Board

Financial “Cents” - $400 The supplies inventory adjustment includes a debit to Supplies Expense and a credit to: What is “Supplies”? Back to Board

Financial “Cents” - $500 In order to close Sales account: What is “Debit Sales; credit Income Summary”? Back to Board

Balance Sheet - $100 Account balances extended to the balance sheet columns of a worksheet include. What is “Cash, accounts payable, and owner’s drawing”? Back to Board

Balance Sheet - $200 Allowance for Bad Debt appears under this major section of the Balance Sheet. What are “Assets”? Back to Board

Balance Sheet $300 Warranty Obligations appears under this major section of the Balance Sheet. What is the “Liabilities” section of the Balance Sheet? Back to Board

Balance Sheet - $400 Unearned Revenue appears under this major section of the Balance Sheet. What is the “Liability” section of the Balance Sheet? Back to Board

Balance Sheet - $500 A financial statement that reports the financial condition of a business is a(n). What is “The Balance Sheet”? Back to Board

Which Statement $100 What is “The Work Sheet’s Income Statement Columns”? Back to Board Information needed for recording the closing entries is obtained from:

Which Statement $200 A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is a(n). What is “Worksheet”? Back to Board

Which Statement $300 A financial statement showing the revenue and expenses for a fiscal period is a(n). What is “Income Statement”? Back to Board

Which Statement $400 A balance sheet is a financial statement that reports. What is “Assets, Liabilities, and Owner’s Equity? Back to Board

Which Statement $500 Wages Payable to Employees appears on this statement. What is the Balance Sheet? Back to Board

Daily Double Specify Your Wager!

Terminology --- The federal tax paid by employees and employers for old age, survivors, disability and hospitalization insurance is:

Terminology --- Back to Board The federal tax paid by employees and employers for old age, survivors, disability and hospitalization insurance is: What is “FICA tax”