2. This is JEOPARDY ! ! ! Accounting Mid-Term review

3. CATEGORIES Introduction to Accounting Bank Reconciliation Balance Sheets

4. PRIZES = 3 marks towards Mid-term Grade = 0 marks toward Mid-term Grade = 1 mark towards Mid-term Grade Highest scoring team receives Special Prize!!!

5. LET’S PLAY!!!

6. Introduction to Accounting Bank Reconciliation Balance Sheets 200 400 600

7. Intro. to Accounting: Answers A listing of ALL the company’s account balances in order to ensure the debits equal credits A listing of ALL the company’s account balances in order to ensure the debits equal credits

8. Intro. to Accounting: Answers The Principle that requires the company’s financial statements to have footnotes useful to the users of the accounts The Principle that requires the company’s financial statements to have footnotes useful to the users of the accounts

9. Intro. to Accounting: Answers Assets = Liabilities + Owner’s / Stockholder's Equity Assets = Liabilities + Owner’s / Stockholder's Equity

10. Bank Reconciliation: Answers Cheques written, but not yet charged to the Company’s bank account. Cheques written, but not yet charged to the Company’s bank account.

11. Bank Reconciliation: Answers Receipts from the previous period that are deposited to the Bank Account in the current period. Receipts from the previous period that are deposited to the Bank Account in the current period.

12. Bank Reconciliation: Answers The time between writing the cheque and the time the cheques clears the bank. The time between writing the cheque and the time the cheques clears the bank.

13. Balance Sheets: Answers The process of distributing and/or allocating the cost of the asset over the life of the asset. The process of distributing and/or allocating the cost of the asset over the life of the asset.

14. Balance Sheets: Answers Another name for the Balance Sheet.

15. Balance Sheets: Answers Statement of assets, liabilities, and capital of the business at a specific point in time. Statement of assets, liabilities, and capital of the business at a specific point in time.

16. Intro. to Accounting: Questions What is a Trial Balance? What is an Income Statement? What is a Statement of Cash Flows?

17. Intro. to Accounting: Questions What is the Materiality Principle? What is the Full Disclosure Principle? What is the Transparency Principle?

18. Intro. to Accounting: Questions What is Net Profit? What is the Accounting Equation? What is the Profit Sharing Ratio?

19. Bank Reconciliation: Questions What are Outstanding Cheques? What are Deposits in Transit? What are Insufficient Funds?

20. Bank Reconciliation: Questions What are Bank Charges? What are Cancelled Cheques? What are Deposits in Transit?

21. Bank Reconciliation: Questions What is the Float? What is Down Time? What is Transfer Period?

22. Balance Sheets: Questions What is the Book Value of the Company? What is Inventory Control? What is Depreciation?

23. Balance Sheets: Questions What is the Statement of Financial Position? What is the Statement of Cash Flows? What is the Statement of Income and Expenditure? What is the Statement of Income and Expenditure?

24. Balance Sheets: Questions What is the Trial Balance? What is the Balance Sheet? What is the General Journal?

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35. DAILY DOUBLE ! ! !