Peek-a-boo Who are You? (Accountants) Open your Wallet (Costs) Show me the Money (Revenue) Managing Money (Managing and Reporting) Random Accounting? (Ethics) 100 points 150 point 200 point Final Jeopardy Question

Accountants for 100 points What is accounting? A system by which economic information is identified, recorded, summarized and reported for the use of decision makers. CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Accountants for 150 points What is the difference between private and public accountants? Private: Work for businesses, the government, or nonprofit agencies to do their accounting or check their accounting. Public: Receive a fee for services provided to individuals, businesses and governments. CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Accountants for 200 points Name an accountant you learned about through this course. Who is the person, what does he/she do (be specific)? Answers will vary, but they need to be specific and give good detail. Must be someone they learned about from the course. CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Costs 100 points What are fixed costs? Give an example. Fixed costs are costs that a business must incur, but they are one-time expenses (or yearly). For example, a restaurant will buy tables and chairs. CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Costs 150 points What are variable costs? Give an example. Variable costs are the expenses that a business will constantly have to consume. For example, in a restaurant the food they use to make meals will be a variable cost. CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Costs 200 points How does supply and demand impact costs? Supply and demand does impact variable costs. Depending on what the market is calling for, it will influence how much of an item a business will make that will raise or lower the variable costs. Remember when a company is making a lot of money and producing more of a product, the company might have higher variable costs, but will also have higher revenue. CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Revenue 100 points What are revenues? “Revenues are the sales of products, merchandise and services that a company makes to customers due to the normal business activities. “ -Professor Wayne Guay CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Revenue 150 points Give an example. What are three types of revenue for a major league baseball team? Ticket Sales, Merchandise, Refreshments, etc. (These are just a couple, there are many more-- teacher will judge answers) CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Revenue 200 points How does revenue relate to costs? Revenue is about how much money is being brought in. If more money is being brought in, there is a greater chance that there will be higher costs. (there are some other interpretations and the teacher will judge the answers and explanations) CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Managing & Reporting 100 points You tutored and made $20. You put that money into your checking account and wrote it in your checkbook registry. This would be an example of: (a)Adjusted Trial Balance (b) Journal Entry (c) Financial Statement. Explain your answer. (b) Journal Entry CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Managing & Reporting 150 points Explain 2 of the following 3: Discounted Cash Flow, Net Present Value or Present Value DCF: Value of expected cash receipts and expenditures at a certain date. NPV: Method applies a rate of discount based on the marginal cost of capital to future cash flow to bring them back to present. PV: Current worth of a future sum of money. CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Managing & Reporting 200 points Name 5 parts of the accounting process and describe each (or give an example of each) Any of the 3 and give description or example: -Identify the transaction-Analyze the transaction -Journal Entries-Post to ledger -Trial balance & Identify the transaction-Adjusting entries -Adjusted trial balance-Financial statement -After closing trial balance CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Ethics 100 points What are business ethics? “Business ethics are the moral rights and duties that people must respect in business life. By making toys with lead paint that is unsafe for children, Chinese manufacturers violated not only Chinese law, but also a basic requirement of business ethics.” - Professor Hussain Waheed CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Ethics 150 points You have learned about different companies faced or challenged with business ethics. Give an example of a company and a brief explanation of what occurred. Answers will vary. Students read 3 different articles about Lehman Brothers, AIG and others. CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Ethics 200 points When discussing ethics, we also discussed compliance in regards to income tax. What type of cost would a person who is going to college be ethically allowed to report? Educational Costs CLICK HERE FOR ANSWER CLICK HERE TO RETURN TO GAMEBOARD

Final Jeopardy Question Team must first decide how much to wager. Write it down on a piece of paper. Fold it up and give it to the teacher. Points: The team with the most complete, comprehensive and correct answer will receive 100% of their points wagered. Only 1 team can get 100% points. Teams with correct but not as comprehensive answers will receive 75% of their points wagered. Teams with incorrect answers will subtract their wager from their score. Give an example of how you use accounting in your day-to-day life. Be specific. Use accounting terms. Each team will have 5 min. CLICK HERE FOR FINAL QUESTION