Accounting Jeopardy Chapter 3 By Carl Lyman © December 2001

Accounting Jeopardy Basic Terms Accounting Practices TransactionsConcepts

Credits That’s all folks. That’s all folks. Exit

Terms $100 A business paper from which information is obtained to complete a journal entry. A business paper from which information is obtained to complete a journal entry.

Terms $100 What is a source document? What is a source document?

Terms $200 The recording of debit and credit parts of a transaction. The recording of debit and credit parts of a transaction.

Terms $200 What is double-entry accounting? What is double-entry accounting?

Terms $300 A form describing the goods or services sold, the quantity and the price. A form describing the goods or services sold, the quantity and the price.

Terms $300 What is a invoice? What is a invoice?

Terms $400 Data for each transaction recorded in a journal Data for each transaction recorded in a journal

Terms $400 What is an entry What is an entry

Terms $500 An invoice used as a source document for a sale on account An invoice used as a source document for a sale on account

Terms $500 What is Sales Invoice? What is Sales Invoice?

Accounting Practices $100 Transactions are recorded in a journal in this order. Transactions are recorded in a journal in this order.

Accounting Practices $100 What is chronological order? What is chronological order?

Accounting Practices $200 The length of time business wait to journalize transactions The length of time business wait to journalize transactions

Accounting Practices $200 What is daily? What is daily?

Accounting Practices $300 How to correct an error in a journal. How to correct an error in a journal.

Accounting Practices $300 What is to draw one straight line though the incorrect number and write the correct number right above it What is to draw one straight line though the incorrect number and write the correct number right above it

Accounting Practices $400 5 Examples of source documents

Accounting Practices $400 What is What is Check Check Sales Invoice Sales Invoice Memorandum Memorandum Tape Tape Receipt Receipt Bonus: list abbreviations Bonus: list abbreviations What is What is C – S – M – T – R C – S – M – T – R

Accounting Practices $500 A list of the 6 steps in the journalizing process A list of the 6 steps in the journalizing process

Accounting Practices $500 What is: Record the What is: Record the 1. Date of the transaction 2. Title of the debit amount 3. Amount of the debit 4. Title of the credit amount 5. Amount of the credit 6. Source document number

Transactions $100 When services are sold on account, this account is debited? When services are sold on account, this account is debited?

Transactions $100 What is Accounts Recievable – Company Name? What is Accounts Recievable – Company Name?

Transactions $200 The account debited when cash is paid for supplies. The account debited when cash is paid for supplies.

Transactions $200 What is supplies? What is supplies?

Transactions $300 When cash is paid for an expense, this account will be credited. When cash is paid for an expense, this account will be credited.

Transactions $300 What is cash? What is cash?

Transactions $400 When supplies are bought on account, this account is credited. When supplies are bought on account, this account is credited.

Transactions $400 What is Accounts Payable – company name? What is Accounts Payable – company name?

Transactions $500 When money is used for personal use by the owner, this account is debited. When money is used for personal use by the owner, this account is debited.

Transactions $500 What is Owners Name, drawing? What is Owners Name, drawing?

Concepts $100 A business exist separately from the owner’s personal finances. A business exist separately from the owner’s personal finances.

Concepts $100 What is business entity? What is business entity?

Concepts $200 Business transactions are stated in numbers that have common values. Business transactions are stated in numbers that have common values.

Concepts $200 What is unit of measurement What is unit of measurement

Concepts $300 Revenue is recorded at the time goods or services are sold Revenue is recorded at the time goods or services are sold

Concepts $300 What is realization of revenue? What is realization of revenue?

Concepts $400 A source document is required for every transaction. A source document is required for every transaction.

Concepts $400 What is Objective Evidence? What is Objective Evidence?

Concepts $500 All four accounting concepts that we have studied All four accounting concepts that we have studied

Concepts $500 What is What is Business Entity Business Entity Objective Evidence Objective Evidence Realization of Revenue Realization of Revenue Unit of Measurement Unit of Measurement