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JEOPARDY! The Accounting Cycle Click Once to Begin Template by
Bill Arcuri, WCSD
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JEOPARDY! Depreciation Uncollectible Accounts Adjusting/ Closing Entries Income Statement Balance Sheet Journals 100 100 100 100 100 100 200 200 200 200 200 200 300 300 300 300 300 300 400 400 400 400 400 400 500 500 500 500 500 500 Template by Bill Arcuri, WCSD
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Daily Double Graphic and Sound Effect!
DO NOT DELETE THIS SLIDE! Deleting it may cause the game links to work improperly. This slide is hidden during the game, and WILL not appear. In slide view mode, copy the above (red) graphic (click once to select; right click the border and choose “copy”). Locate the answer slide which you want to be the daily double Right-click and choose “paste”. If necessary, reposition the graphic so that it does not cover the answer text. Template by Bill Arcuri, WCSD
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Records a greater depreciation expense in the early years of an asset's useful life
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The accumulated depreciation account should show ____.
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Smallest unit of time used to calculate depreciation is ____.
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Depreciation expense for a plant asset is recorded ____.
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The amount by which a plant asset depreciates is classified as this type of an account.
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When the account Allowance for Uncollectible Accounts is used, a customer past-due account is written off as uncollectible by ____. Answer Template by Bill Arcuri, WCSD
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Information used to journalize an uncollectible expense adjusting entry is obtained from a work sheet's ____. Answer Template by Bill Arcuri, WCSD
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At the end of a fiscal period, the account credited to show the estimated amount of uncollectible accounts is ____. Answer Template by Bill Arcuri, WCSD
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After the entries are made to reopen a customer account and record collection of the account, the customer account balance is ____. Answer Template by Bill Arcuri, WCSD
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The entry to write off an account receivable is recorded which journal?
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After adjusting and closing entries have been posted to the general ledger, a ____ is prepared.
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What is the first closing entry?
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To close the dividends account, ____.
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To close the income summary account when there is net income, ____.
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To close the expense and cost accounts, ____.
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Total sales less sales discount and sales returns and allowances is called ____.
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How is the earnings per share calculated?
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How is the price-earnings ratio calculated?
Daily Double!!! How is the price-earnings ratio calculated? Answer Template by Bill Arcuri, WCSD
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The amount of net income after federal income tax belonging to a single share of stock is called ____. Answer Template by Bill Arcuri, WCSD
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The relationship between the market value per share and earnings per share of a stock is called the ____. Answer Template by Bill Arcuri, WCSD
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Liabilities owed for more than a year are called ____.
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To prepare the corporation's balance sheet, use the information from ____.
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A financial statement that summarizes the changes in a corporation's ownership for a fiscal period is ____. Answer Template by Bill Arcuri, WCSD
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Reporting financial information the same way from one fiscal period to the next is an application of the accounting concept ____. Answer Template by Bill Arcuri, WCSD
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The distribution of dividends only by formal action of a corporation's board of directors is an application of the accounting concept ____. Answer Template by Bill Arcuri, WCSD
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To record the payment of federal unemployment tax, the account debited is what type of account.
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The entry to journalize the adjustment for office supplies at the end of a fiscal period is ____.
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The entry to journalize the adjustment for merchandise inventory at the end of a fiscal period when ending merchandise inventory is smaller than the beginning is ____. Answer Template by Bill Arcuri, WCSD
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The total amount of the purchases journal is posted to the general ledger account(s) ____.
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To indicate that column totals are not to be posted, ____.
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“Conceptually” Speaking
Answers The Basics “Conceptually” Speaking AAA All About Accounts Great Form Relocate & Rearrange Pot Luck Capital Business Entity Concept Chart of Accounts Work Sheet Posting Source Document Proprietorship Accounting Period Cycle Temporary Accounts Balance Sheet The last step in the posting procedure T-Account Liability Objective Evidence Petty Cash Trial Balance General Amount Columns Net Income Accounting Equation Consistent Reporting Drawing Post-Closing Trial Balance Sales, Cash DR and Cash CR Blank Endorsement Revenue Matching Expenses with Revenue Income Summary Income Statement 5 Net Income divided by Total Sales Template by Bill Arcuri, WCSD
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Double-Declining Balance Method
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total depreciation for plant assets still in use
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One Month Template by Bill Arcuri, WCSD
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at the end of each fiscal period during the asset's estimated useful life
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Expense Template by Bill Arcuri, WCSD
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debiting Allowance for Uncollectible Accounts and crediting Accounts Receivable and the customer account Template by Bill Arcuri, WCSD
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Adjustments Column Template by Bill Arcuri, WCSD
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Allowance for Uncollectible Accounts
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zero Template by Bill Arcuri, WCSD
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General journal Template by Bill Arcuri, WCSD
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post-closing trial balance
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Debit I.S. accounts w/ credit balances and Credit Income Summary
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debit Retained Earnings and credit Dividends
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debit Income Summary; credit Retained Earnings
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debit Income Summary; credit the expense and cost accounts
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net sales Template by Bill Arcuri, WCSD
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Net income after federal income tax divided by the number of shares outstanding
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Market price per share divided by the earnings per share
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earnings per share Template by Bill Arcuri, WCSD
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The relationship between the market value per share and earnings per share of a stock is called the ____. Template by Bill Arcuri, WCSD
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long-term liabilities
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The Balance Sheet columns of a work sheet
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a statement of stockholders' equity
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Consistent Reporting Template by Bill Arcuri, WCSD
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Business Entity Concept
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A liability Template by Bill Arcuri, WCSD
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debit Supplies Expense-office; credit Supplies-Office
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debit Income Summary; credit Merchandise Inventory
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The total amount of the purchases journal is posted to the general ledger account(s) ____.
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a check mark is placed in parentheses under the total
Template by Bill Arcuri, WCSD
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