1. Accounting Jeopardy Chapters 1-3

2. Acct
Classifications
Categories
Debits & Credits
Journalizing
Concepts
Terms
Chapter Questions
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3. 100 Question
Business transactions are stated in numbers that have common values.. A

4. 100 Answer
What is Unit of Measurement?

5. 200 Question
Financial statements are prepared with the expectation that a business will remain in operation indefinitely. A

6. 200 Answer
What is Going Concern?

7. 300 Question
Changes in financial information are reported for a specific period of time in the form of financial statements. A

8. 300 Answer
What is Accounting Period Cycle?

9. 400 Question
The same accounting procedures are followed in the same way in each accounting period. A

10. 400 Answer
What is Consistent Reporting

11. 500 Question
Financial information is recorded and reported separately from the owner’s personal financial information. A

12. 500 Answer
What is Business Entity?

13. 100 Question
Anything of value that is owned. A

14. 100 Answer
What are Assets?

15. 200 Question
The account used to summarize the owner’s equity in a business. A

16. 200 Answer
What is Capital?

17. 300 Question
An amount owed by a business. A

18. 300 Answer
What are liabilities?

19. 400 Question
The financial rights to the assets of a business. A

20. 400 Answer
What are equities?

21. 500 Question
The side of the account that is increased. A

22. 500 Answer
What is Normal Balance Side?

23. 100 Question
An amount recorded on the left side of a T-Account. A

24. 100 Answer
What is a debit?

25. 200 Question
Assets have these as a normal balance. A

26. 200 Answer
What is a debit?

27. 300 Question
Received cash from owner as an investment. A

28. 300 Answer
What is debit cash and credit O/E?

29. 400 Question
Paid cash for insurance. A

30. 400 Answer
What debit Prepaid Insurance and credit Cash?

31. 500 Question
Bought supplies on account from Ling Music. A

32. 500 Answer
What is debit Supplies and credit Accounts Payable/Ling Music?

33. 100 Question
Paid cash for supplies. A

34. 100 Answer
What is debit supplies and credit cash?

35. 200 Question
Paid cash on account to Ling Music. A

36. 200 Answer
What is debit Accounts Payable/Ling Music and credit Cash?

37. 300 Question
Received cash from sales. A

38. 300 Answer
What is debit cash and credit sales?

39. 400 Question
Sold services on account to Kids Time. A

40. 400 Answer
What is debit Accts Receivable and credit sales?

41. 500 Question
Paid cash to owner for personal use. A

42. 500 Answer
What is debit owner’s capital and credit cash?

43. 100 Question
Normal balance of Cash. A

44. 100 Answer
What is a debit?

45. 200 Question
Normal balance of any liability account. A

46. 200 Answer
What is a credit?

47. 300 Question
The classification of Accts. Receivable. A

48. 300 Answer
What is an asset?

49. 400 Question
The account balance of sales. A

50. 400 Answer
What is a credit balance?

51. 500 Question
The classification of accts. payable. A

52. 500 Answer
What is a liability?

53. 100 Question
What two accounts are affected when a business receives cash from sales. A

54. 100 Answer
What are cash debits and sales credit?

55. 200 Question
What two accounts are affected when services are sold on account? A

56. 200 Answer
What are Sales credit and Accts. Receivable debit?

57. 300 Question
The three-line heading on the top of the balance sheet. A

58. 300 Answer
What is name of business/name of report/date?

59. 400 Question
I make up the three sections of a balance sheet. A

60. 400 Answer
What are assets/liabilities and O/E?

61. 500 Question
These are the four questions used to analyze a transaction. A

62. 500 Answer What are: 1. Which accts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?