Collect into groups of 2-3 students and create a team name related to Business

Each team will receive several small pieces of paper; write your name on each paper There will be 3 rounds of questions First round is 4 questions. Each question can be worth 1, 3, 5, or 7 pts You cannot use a point value more than once Write your answer & point value to each question on a paper and hand it in Second round is 4 questions Each question can be worth 2, 4, 6 or 8 pts You cannot use a point value more than once Write your answer & point value to each question on a paper and hand it in Third round is one question and you BET YOUR POINTS

You have to assign each of your answers a point value of 1, 3, 5 or 7 points

What is debited and credited when you use cash to purchase supplies?

Debit – Supplies Credit - Cash

What is the Accounting Equation?

Assets = Liabilities + Owner’s Equity

When purchasing on account, which account is affected?

Liabilities – Accounts Payable

Mark Cuban invested $10,000 of his own money in your business: Which is debited and credited?

Debit – Cash Credit – Owner’s Equity – Capital Account

You have to assign each of your answers a point value of 2, 4, 6 or 8

Name a transaction that negatively affects assets and owner’s equity

Paid cash for an expense Example: Debit Expense (Owner’s Equity) Credit Cash (Asset)

When you receive sales on account, which type of accounted is debited?

Accounts Receivable

What type of account is debited when a person takes cash out for personal use

Drawing (remember the word “withdrawal)

What two types of accounts are used in a Income Statement

Revenue (Sales) Expenses