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? A list of accounts used by a business is a chart of accounts

6. 1 TRUE Home

7. 2 T or F? Prepaid Insurance is an asset account with a normal credit balance

8. 2 FALSE

9. 3 The right side of a T Account is the ______ _______ A. Debit side B. Credit side C. Equity side

10. 3 B. CREDIT SIDE

11. 4 The normal balance of any revenue account is the ________ _________

12. 4 CREDIT SIDE

13. 5 T or F? Expense accounts and Drawing accounts have a normal debit balance in Accounting

14. 5 TRUE

15. 6 T or F? Accounts Receivable accounts are increased with a credit

16. 6 FALSE

17. 7 The side of the T Account that is increased is called the ________ __________.

18. 7 NORMAL BALANCE

19. 8 When a business receives a revenue, Sales is: A.Increased by a Debit B. Decreased by a Debit C. Increased by a Credit

20. 8 C. Increased by a Credit Home

21. 9 An amount recorded on the left side of a T Account A. Debit B. Credit C. Normal Balance

22. 9 A. DEBIT

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

26. 1 Paying rent, advertising, or utilities are examples of an ____________

27. 1 EXPENSE Home

28. 2 T or F? Accountants record withdrawals as debits directly in the owner’s capital account.

29. 2 FALSE

30. 3 Each liability account has a normal ______ balance A. Credit B. Debit C. Equity

31. 3 A. CREDIT

32. 4 T or F? Mrs. Stewart, Capital is decreased with a credit

33. 4 FALSE

34. 5 T or F? Mr. Mancuso, Drawing is decreased with a credit

35. 5 TRUE

36. 6 The normal balance side of an Accounts Payable account is a __________. A.DebitB. CreditC. Equity

37. 6 B. CREDIT Home

38. 7 T or F? Businesses use accounts to summarize all information pertaining to a single item

39. 7 TRUE

40. 8 Paying cash for insurance, $800 increases _____________ and decreases ____________ A. Cash, A/R B. Prepaid Insurance, Cash

41. 8 B. Prepaid Insurance, Cash

42. 9 T or F? Receiving cash on account increases Cash and decreases Accounts Receivable

43. 9 TRUE

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

47. 1 T or F? A drawing account is decreased by debits and increased by credits

48. 1 FALSE Home

49. 2 T or F? All Owner’s Equity accounts are increased on the credit side

50. 2 FALSE

51. 3 When services are sold on account, which two accounts are affected in this transaction? A. Cash, Sales B. A/R, Sales C. A/P, Cash

52. 3 B. A/R, Sales

53. 4 When cash is paid for rent, Rent Expense is: A. Increased w/ a credit B. Increased w/ a debit

54. 4 B. Increased w/ a debit

55. 5 T or F? Revenue and Expense accounts and transactions affect Owner’s Equity

56. 5 TRUE

57. 6 The normal balance side of an Owner’s Capital account is the A. Debit Side B. Credit Side C. Asset side

58. 6 B. CREDIT SIDE

59. 7 T or F? A withdrawal is an expense

60. 7 FALSE

61. 8 T or F? The balance of an account increases on the side opposite the normal balance side

62. 8 FALSE

63. 9 T or F? Prepaid Insurance has a normal debit balance

64. 9 TRUE