Instructions for using this template. Remember this is Jeopardy, so where I have written “Answer” this is the prompt the students will see, and where I have “Question” should be the student’s response. To enter your questions and answers, click once on the text on the slide, then highlight and just type over what’s there to replace it. If you hit Delete or Backspace, it sometimes makes the text box disappear. When clicking on the slide to move to the next appropriate slide, be sure you see the hand, not the arrow. (If you put your cursor over a text box, it will be an arrow and WILL NOT take you to the right location.)

Choose a category. You will be given the answer. You must give the correct question. Click to begin.

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Category A Category B Category DCategory ECategory F 10 Point 20 Points 30 Points 40 Points 50 Points 10 Point 20 Points 30 Points 40 Points 50 Points 30 Points 40 Points 50 Points Category C

accounting

The process of identifying, measuring, and communicating economic information to various users

alternate term

Original cost or historical cost.

American Institute of Certified Public Accountants (AICPA)

The professional organization of certified public accountants.

asset

A future economic benefit.

auditing

The process of examining the financial statements and the underlying records of a company to render an opinion as to whether the statements are fairly presented.

balance sheet

The financial statement that summarizes the assets, liabilities, and owners’ equity at a specific point in time. Alternate term: Statement of financial position.

bond

A certificate that represents a corporation’s promise to repay a certain amount of money and interest in the future.

business

All the activities necessary to provide the members of an economic system with goods and services.

business entity

An organization operated to earn a profit.

capital stock

Indicates the owners’ contributions to a corporation.

time period

An artificial segment on the calendar used as the basis for preparing financial statements.

Certified Public Accountant (CPA)

The designation for an individual who has passed a uniform exam administered by the AICPA and has met other requirements as determined by individual states.

corporation

A form of entity organized under the laws of a particular state; ownership evidenced by shares of stock.

cost principle

Assets are recorded at the cost to acquire them.

creditor

Someone to whom a company or person has a debt. Alternate term: Lender.

dividends

A distribution of the net income of a business to its owners.

economic entity concept

The assumption that a single, identifiable unit must be accounted for in all situations.

financial accounting

The branch of accounting concerned with the preparation of financial statements for outsider use.

Financial Accounting Standards Board (FASB)

The group in the private sector with authority to set accounting standards.

generally accepted accounting principles (GAAP)

The various methods, rules, practices, and other procedures that have evolved over time in response to the need to regulate the preparation of financial statements.

International Accounting Standards Board (IASB)

The organization formed to develop worldwide accounting standards.

going concern

The assumption that an entity is not in the process of liquidation and that it will continue indefinitely.

management accounting

The branch of accounting concerned with providing management with information to facilitate planning and control.

monetary unit

The yardstick used to measure amounts in financial statements; the dollar in the United States.

statement of retained earnings

The statement that summarizes the income earned and dividends paid over the life of a business.

Public Company Accounting Oversight Board (PCAOB)

A five-member body created by an act of Congress in 2002 to set auditing standards.

statement of cash flows

The financial statement that summarizes a company’s cash receipts and cash payments during the period from operating, investing, and financing activities.

International Accounting Standards Board (IASB)

The organization formed to develop worldwide accounting standards.

revenue

An inflow of assets resulting from the sale of goods and services.

nonbusiness entity

An organization operated for some purpose other than to earn a profit.

Make your wager

Final Answer An act of Congress in 2002 intended to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Final Question Sarbanes-Oxley Act