1. Accounting Jeopardy Unit 1

2. Accounting Jeopardy 100 200 300 400 500 Basic Terms
Accounting Equation
Transactions
Principles
100
200
300
400
500

3. That’s all folks
Exit

4. Terms $100
One owner

5. What is a sole proprietorship?
Terms $100
What is a sole proprietorship?

6. Terms $200
More than one owner.

7. Terms $200
What is a partnership?

8. Terms $300
Owned by stockholders.

9. Terms $300
What is a corporation?

10. A person who starts his own business.
Terms $400
A person who starts his own business.

11. What is an entrepreneur?
Terms $400
What is an entrepreneur?

12. Money invested by the owner.
Terms $500
Money invested by the owner.

13. Terms $500
What is capital?
What is an investment?

14. Accounting Equation $100
Accounting equation.

15. What is: Assets = Liabilities + Owners Equity?
Accounting Equation $100
What is: Assets = Liabilities + Owners Equity?

16. Something owned by a company.
Accounting Equation $200
Something owned by a company.

17. Accounting Equation $200
What is an asset?

18. Accounting Equation $300
Something owed.

19. Accounting Equation $300
What is a liability?

20. An event that changes either an increase or decrease in an account.
Accounting Equation $400
An event that changes either an increase or decrease in an account.

21. Accounting Equation $400
What is a transaction?

22. Claim to the assets of a company.
Accounting Equation $500
Claim to the assets of a company.

23. Accounting Equation $500
What is equity?

24. Income earned from the sale of goods or services?
Transactions $100
Income earned from the sale of goods or services?

25. Transactions $100
What is a revenue?

26. The price paid for goods and services used to operate a business.
Transactions $200
The price paid for goods and services used to operate a business.

27. Transactions $200
What is an expense?

28. Two or more accounts must always be affected.
Transactions $300
Two or more accounts must always be affected.

29. Transactions $300
What is duel entry?

30. Transactions $400
Cost of assets consumed or services used in the processing of earning revenue.

31. Transactions $400
What is an expense.

32. Money used for personal use by the owner.
Transactions $500
Money used for personal use by the owner.

33. What is a withdrawal? Or drawing account.
Transactions $500
What is a withdrawal? Or drawing account.

34. A business exist separate for the owner’s personal finances.
Principles $100
A business exist separate for the owner’s personal finances.

35. What is accounting principle of business entity?
Principles $100
What is accounting principle of business entity?

36. Principles $200
Describes asset valuation that are factual and can be verified by independent experts.

37. What is the objectivity principle.
Principles $200
What is the objectivity principle.

38. Assumption that a business will survive and operate indefinitely.
Principles $300
Assumption that a business will survive and operate indefinitely.

39. What is the accounting assumption of going concern?
Principles $300
What is the accounting assumption of going concern?

40. Principles $400
Two accounts.

41. Every transaction involves at least how many accounts?
Principles $400
Every transaction involves at least how many accounts?

42. Business’s economic events recorded by accountants.
Principles $500
Business’s economic events recorded by accountants.

43. Principles $500
What is a transaction