2. Accounting Jeopardy Glencoe Accounting Chapters 2-3 By Carl Lyman © December 2001

3. Accounting Jeopardy Basic Terms Accounting Equation TransactionsPrinciples 100 200 300 400 500

4. Credits  Glencoe Accounting. Glencoe/McGraw-Hill. 2000.  That’s all folks. Exit

5. Terms $100  One owner

6. Terms $100  What is a sole proprietorship?

7. Terms $200  More than one owner.

8. Terms $200  What is a partnership?

9. Terms $300  Owned by stockholders.

10. Terms $300  What is a corporation?

11. Terms $400  A person who starts his own business.

12. Terms $400  What is an entrepreneur?

13. Terms $500  Money invested by the owner.

14. Terms $500  What is capital?  What is an investment?

15. Accounting Equation $100  Accounting equation.

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

17. Accounting Equation $200  Something owned by a company.

18. Accounting Equation $200  What is an asset?

19. Accounting Equation $300  Something owed.

20. Accounting Equation $300  What is a liability?

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

22. Accounting Equation $400  What is a transaction?

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

24. Accounting Equation $500  What is equity?

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

26. Transactions $100  What is a revenue?

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

28. Transactions $200  What is an expense?

29. Transactions $300  Left side of a transaction.

30. Transactions $300  What is a debit?

31. Transactions $400  Increasing side of a liability.

32. Transactions $400  Which side is the credit side?

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

34. Transactions $500  What is a withdrawal?

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

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

37. Principles $200  A uniform period of time for reporting business financial information.

38. Principles $200  What is an accounting period?

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

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

41. Principles $400  Two accounts.

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

43. Principles $500  Debits = Credits.

44. Principles $500  What is the equity of accounts?