CCNA1 v3 Module 1 v3 Accounting I Mid-Term Review JEOPARDY K. Martin

CCNA1 v3 Module 1 RouterModesWANEncapsulationWANServicesRouterBasicsRouterCommands RouterModesWANEncapsulationWANServicesRouterBasicsRouterCommands Analyzing Transactions Source Documents Normal Balances Adjusting & Closing Entries Financial Statements Accounting Cycle ► ► ► F i n a l J e o p a r d y ◄ ◄ ◄

CCNA1 v3 Module 1 Question What is the accounting equation? Analyzing Transactions 100 A: What is Assets = Liabilities + O.E? accounting

CCNA1 v3 Module 1 Question A: What is A chart used to analyze and then journalize transactions with ease? What is the analyzing chart? CCNA1 v3 Module 1 Analyzing Transactions

CCNA1 v3 Module 1 Question A: What is a Assets + Owners Equity? What is the impact on Assets, Liabilities and Owner’s Equity if you Paid Cash for Electric bill? CCNA1 v3 Module 1 Analyzing Transactions 300

CCNA1 v3 Module 1 Question A: What is Unchanged? If you paid Cash for Supplies what is the affect on Assets? CCNA1 v3 Module 1 Analyzing Transactions 400

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is a Debit Misc. Expense because he is buying something that doesn’t fall under another category and Credit Cash because he is paying with a debit card? Jacob went to the store and bought lunch for the entire company and paid with the company’s debit card. Which accounts are affected and why ? Analyzing Transactions 500

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is a Check Receipts? What is check stub used for? Source Documents

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is a Calculator Tape? What is the source document for cash sales as the seller and buyer? Source Documents 200

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is a Sales Invoice? Source Documents 300 When something is bought on account what source document is used to validate the sale?

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is a Memorandum? Which source document do you use in rare cases when you are doing an unusual sale? Memorandum Source Documents 400

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is Check Stub – Check Receipt Sales invoice – Sales on account Calculator Tape – Cash Sales (Seller) Memorandum – When nothing else applies Receipts – Cash Sales (Buyers)? ? Source Documents 500 List all the Source Documents and their uses

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is Credit? What is the normal balance of the Capital Account? Normal Balances 100

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What are Debit? What is the normal balance of an Expense accounts? Normal Balances 200

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is None? What is the normal balance of the Income Summary Account? Normal Balances 300

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is Supplies is debited / Cash is credited? John Doe paid CASH for SUPPLIES. What is the effect on the two accounts? Normal Balances 400

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is Supplies is debited / Accounts Payable is credited? Tonya bought supplies on account from Julies Supplies. What is the affect on the two accounts? Normal Balances 500

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is Unique? Closing temporary accounts means you need to..? Adjusting and Closing Entries 100

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is a Income Summary, Expenses, Revenues, and Drawing. What are the four temporary accounts? Adjusting and Closing Entries 200

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is a Income Summary and Capital? What two accounts are affected to close Income Summary? Adjusting and Closing Entries 300

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is General Journal? Where do you record your adjusting and closing entries before posting them into the General Ledger and creating a post closing trial balance? Adjusting and Closing Entries 400

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is a The Capital and Income Summary Accounts / Capital is debited and Income Summary is credited. If a business has a Net Loss for a fiscal period, which two accounts will it affect differently and how? Adjusting and Closing Entries 500

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is a Balance Sheet? Which Financial Statement describes the assets, liabilities and owner’s equity accounts in a business? Financial Statements 100

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is a Income Statement? Which Financial Statement describes the revenue and expenses accounts for a business? Financial Statements 200

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is Making the amount negative? When filling out the net loss/net income section of a financial statement, what does it mean when an amount is put in parentheses? Ex. ($500.00) Financial Statements 300

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is There was a net loss for that month? When the debits column of the income statement is higher than the credits column. What can we conclude about how the business did for that month? Financial Statements 400

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is (Total Expenses) ÷ (Total Sales) x (100)? How do you calculate Total Expense Component Percentage? Financial Statements 500

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is 10? How many steps are in the accounting cycle? Accounting Cycle 100

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is Step 2: Analyzing Transactions? Which step in the accounting cycle do we analyze the transactions before ever putting them into an accounting document? Accounting Cycle 200

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is a Preparing Financial Statements? Which step in the accounting Cycle do we prepare financial statements from the information on the worksheet? Accounting Cycle 300

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is 1. Verify Source Documents 2. Analyze Transactions 3. Journalize Each Transaction 4. Post Transactions to the General Ledger 5. Prepare a Trial Balance 6. Prepare a Worksheet 7. Prepare Financial Statements 8. Record Adjusting Entries 9. Record Closing Entries 10. Prepare a Post-Closing Trial Balance ? List all the steps on the Accounting Cycle in order. Accounting Cycle 400

CCNA1 v3 Module 1 Question CCNA1 v3 Module 1 A: What is Throughout the Month Verify Source Documents Analyze Transactions Journalize Each Transaction Post Transactions to the General Ledger Closing the Month Prepare a Trial Balance Prepare a Worksheet Prepare Financial Statements Preparing for Next Month Record Adjusting Entries Record Closing Entries Prepare a Post-Closing Trial Balance What are the 3 categories for the accounting cycle and which steps fall under each one? Accounting Cycle 500

CCNA1 v3 Module 1 Question What is Debiting the Owner’s Capital Account and Crediting the Income Summary? What accounts are affected in the closing entry of a company who had a net loss for the month and in what way are the accounts affected? Final Jeopardy CCNA1 v3 Module