This Accounting is J O A P E R D Y Categories Mind the GAAP 1-2-3 Accounting What is accounting? Oh Canada! Source Documents 200 800 400 600 800 1000.

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Presentation transcript:

This Accounting is J O A P E R D Y

Categories Mind the GAAP Accounting What is accounting? Oh Canada! Source Documents FINAL JEOPARDY

Mind the GAAP - $200 Answer What are Generally Accepted Accounting Principles? Formal regulations and common practices that accountants follow.

Mind the GAAP - $400 Each expense item must be recorded in the same time period as the revenue it helped to earn. Answer What is the Matching Principle?

Mind the GAAP The accounting for a business should be fair and reasonable. Answer What is the Principle of Conservatism?

Mind the GAAP - $800 Answer What is the Business Entity Concept? The accounting for a business organization must be kept separate from the personal affairs of its owner.

Mind the GAAP - $1000 A business will continue to operate unless it is known that it will not. Answer What is the Continuing Concern Concept?

1-2-3 Accounting - $200 A decrease in equity resulting from the owner’s personal withdrawals. Answer What are drawings?

1-2-3 Accounting - $400 A page specially designed to record changes in each individual item affecting the financial position. Answer What is an account?

1-2-3 Accounting - $600 The recurring set of accounting procedures carried out during each fiscal period. Answer What is the accounting cycle?

1-2-3 Accounting - $800 A business that buys goods and resells them at a higher price for a profit. Answer What is a Merchandising business?

1-2-3 Accounting - $1000 The journal is known as this type of book because each balance entry is recorded there first. Answer What is the book of original entry?

What is accounting? $200 The system of dealing with financial information that provides information for decision making. Answer What is Accounting?

What is accounting? $400 A = L + OE Answer What is the fundamental accounting equation?

What is accounting? $600 Gathering information about the daily goings on of the business. Answer What is the first activity in accounting?

What is accounting? $800 The examination and testing of the books, records, and procedures of a business. Answer What is auditing?

What is accounting? $1000 Selling the assets of a company for cash. Answer What is liquidation?

CANADA - $200 Canada’s most-read news magazine. Answer What is Maclean’s?

CANADA - $400 The Canadian stock exchange that lists the most companies. Answer What is the Toronto Stock Exchange?

CANADA What vegetable do Canadians eat the most: Broccoli, carrots, lettuce, or potatoes Answer Potatoes

CANADA - $800 Who is Canada’s second largest trading partner: Great Britain, Japan, or Mexico Answer Japan

CANADA - $1000 This Canadian company is the world’s largest producer of frozen french fries. Answer Who is McCain Foods Ltd.?

Source documents - $200 A financial event that causes a change in financial position. Answer What is a business transaction?

Source documents - $400 Answer What is the opening entry? The journal entry that starts the account book off.

Source documents - $600 This person does no accounting for provincial retail sales tax. Answer Who is the purchaser?

Source documents - $800 A bank document informing the business of a decrease made in the business’s bank account. Answer What is a bank debit advice?

Source documents - $1000 A source document that debits the bank and credits an accounts receivable. Answer What is a cash receipt?

FINAL JEOPARDY Answer What are pin totals and pencil footings. Bank ? ?