1. Welcome to... A Game of X’s and O’s

2. Rules Only one person is asked and can answer NO NOTES Go around the room in order 3 in a row wins the game If no team gets three in a row, whichever team gets 5 marks wins the game Best of 3 series Winning team gets a bonus point

3. 789 456 123

4. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

5. 1 T or F? Many businesses choose a one-year fiscal period that ends during a period of low business activity.

6. 1 TRUE Home

7. 2 T or F? Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept.

8. 2 TRUE

9. 3 On a work sheet, the balance of the owner’s capital account is extended to the A. Balance Sheet Debit Column B. Balance Sheet Credit Column

10. 3 B. Balance Sheet Credit Col.

11. 4 T or F? If the trial balance columns are not equal and the difference is 1, the error is often in addition.

12. 4 TRUE

13. 5 T or F? A financial statement showing the revenue and expenses for a fiscal period is called a balance sheet.

14. 5 FALSE

15. 6 T or F? If total expenses is greater than total revenue, the difference is called a net income.

16. 6 FALSE

17. 7 A proof of the equality of debits and credits in a general ledger is called a ___________ __________

18. 7 TRIAL BALANCE

19. 8 A financial statement that reports assets, liabilities, and owner’s equity on a specific date is called a ____________ ___________

20. 8 BALANCE SHEET

21. 9 T or F? Two financial statements are prepared from the information on a work sheet.

22. 9 TRUE

25. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

26. 1 When total revenue is greater than total expenses, the difference is called a ______ ___________.

27. 1 NET INCOME Home

28. 2 T or F? A fiscal period is the length of time a business summarizes and reports financial information.

29. 2 TRUE

30. 3 T or F? A net loss is entered in the work sheet’s Income Statement Credit and Balance Sheet Debit columns.

31. 3 TRUE

32. 4 T or F? On a trial balance, all general ledger account titles are listed.

33. 4 TRUE

34. 5 T or F? The Accounting Period Cycle concept is where you report changes in financial information for a specific period time in the form of financial statements.

35. 5 TRUE

36. 6 The normal balance of all expense accounts is A. Debit B. Credit

37. 6 A. Debit

38. 7 T or F? Changes recorded on a work sheet to update the general ledger accounts at the end of fiscal period is commonly known as adjustments.

39. 7 TRUE

40. 8 T or F? A work sheet is a columnar accounting form used summarize the general ledger information needed to prepare financial statements.

41. 8 TRUE

42. 9 T or F? The value of prepaid insurance coverage used during a fiscal period is not an expense.

43. 9 FALSE

46. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

47. 1 T or F? The balance of the supplies account PLUS the value of the supplies on hand equals the up-to-date balance supplies account

48. 1 FALSE Home

49. 2 T or F? It is okay to erase errors made in the work sheet but not permanent records like a general ledger.

50. 2 TRUE

51. 3 T or F? Following the same accounting procedures in the same way in each accounting period is called Consistent Reporting.

52. 3 TRUE

53. 4 The first item in the header of the work sheet is A. Date B. Company Name C. Work Sheet

54. 4 B. Company Name

55. 5 T or F? If you miss recording a number while creating the Trial Balance, the columns will not equal

56. 5 TRUE

57. 6 T or F? Single rule is completed to verify the numbers in two columns match and are equal to one another.

58. 6 B. FALSE

59. 7 T or F? If the trial balance columns are not equal and the difference is $50.00, the error is likely a $25.00 amount written in the wrong column

60. 7 TRUE

61. 8 T or F? The heading, account titles, trial balance, adjustments, income statement, and balance sheet are all included in the work sheet

62. 8 TRUE

63. 9 T or F? Prepaid Insurance and Supplies are two asset accounts likely to have adjustments to their balances.

64. 9 TRUE