3. MILLIONAIRE SCOREBOARD $100 $200 $300 $500 $1,000 $2,000 $4,000 $8,000 $16,000 $32,000 $64,000 $125,000 $250,000 $500,000 $1 MILLION Click the $ for questions

4. WHAT IS THE FIRST STEP IN THE ACCOUNTING CYCLE?  A: Analysing the business transaction A:  B: Posting to the Ledger B:  C: Adjusting Entries C:  D: Preparing Final Accounts D: $100 Question Click on the letter of the correct answer

5. INCORRECT! TRY AGAIN!

6. SCORE $100 Click on the money bag to return to the scoreboard Correct!

7. $200 How many steps are there in the Accounting Cycle  A: 10 A:  B: 9 B:  C: 2 C:  D: 12 D: $200 Question Click on the letter of the correct answer

8. INCORRECT! TRY AGAIN!

9. SCORE $200 Click on the money bag to return to the scoreboard Correct!

10. $300 Step 4 Preparing the Trial Balance Comes Just Before  A: Preparing Final Statements A:  B: Making Adjusting Entries B:  C: Posting to Ledger Accounts C:  D: Closing Accounts D: $300 Question Click on the letter of the correct answer

11. INCORRECT! TRY AGAIN!

12. SCORE $300 Click on the money bag to return to the scoreboard Correct!

13. $500 Making Adjusting Entries Involves  A: Entering transactions in the journal A:  B: Totaling the journal entries B:  C: Analyzing Transactions C:  D: Updating Accounts before entering into financial statement D: $1,000 Question Click on the letter of the correct answer

14. INCORRECT! TRY AGAIN!

15. SCORE $500 Click on the money bag to return to the scoreboard Correct!

16. $1000 Question  A: Financial Statements A:  B: Adjusted Trial Balance B:  C: Close Accounts C:  D: Post- Closing Trial Balance D: $1,000 Question Click on the letter of the correct answer $1,000 To test if debits are equal to credits AFTER adjusting entries are made we prepare:

17. INCORRECT! TRY AGAIN!

18. SCORE $1,000 Click on the money bag to return to the scoreboard Correct!

19. $2000 Question  A: Temporary / Nominal Accounts A:  B: The Balance Sheet B:  C: Invoices C:  D: Cash Book D: $2,000 Question Click on the letter of the correct answer $2,000 Closing Accounts Involves:

20. INCORRECT! TRY AGAIN!

21. SCORE $2,000 Click on the money bag to return to the scoreboard Correct!

22. $4000 Question  A: The first step in the Accounting Cycle A:  B: The Final Step in the Accounting Cycle B:  C: A Financial Statement C:  D: The Process of entering invoices D: $4,000 Question Click on the letter of the correct answer $4,000 The Post Closing Trial Balance is:

23. INCORRECT! TRY AGAIN!

24. SCORE $4,000 Click on the money bag to return to the scoreboard Correct!

25. $8000 Question  A: Accounting Process A:  B: The Accounting Wheel B:  C: Journalizing C:  D: Double Entry D: $8,000 Question Click on the letter of the correct answer $8,000 The Accounting Cycle is also known as:

26. INCORRECT! TRY AGAIN!

27. SCORE $8,000 Click on the money bag to return to the scoreboard Correct!

28. $16000 Question  A: Close journal entries A:  B: Determine Profit/Loss B:  C: Check the equality of debits/ credits C:  D: Allow accountants to have fun D: $16,000 Question Click on the letter of the correct answer $16,000 A trial balance is prepared to:

29. INCORRECT! TRY AGAIN!

30. SCORE $16,000 Click on the money bag to return to the scoreboard Correct!

31. $32000 Question  A: Journal Entries A:  B: The first step in the Accounting Cycle B:  C: Invoices C:  D: The end products of an accounting system D: $32,000 Question Click on the letter of the correct answer $32,000 Financial Statements are

32. INCORRECT! TRY AGAIN!

33. SCORE $32,000 Click on the money bag to return to the scoreboard Correct!

34. $64000 Question  A: Real Accounts Only A:  B: Temporary Accounts B:  C: Nominal Accounts C:  D: All of the above D: $64,000 Question Click on the letter of the correct answer $64,000 The Post Closing Trial Balance contains:

35. INCORRECT! TRY AGAIN!

36. SCORE $64,000 Click on the money bag to return to the scoreboard Correct!

37.  A: Balance Sheet A:  B: Income Statement B:  C: Journal C:  D: Statement of Cash Flows D: $125,000 Question Click on the letter of the correct answer $125,000 Which of the following is NOT a Financial Statement $125000 Question

38. INCORRECT! TRY AGAIN!

39. SCORE $125,000 Click on the money bag to return to the scoreboard Correct!

40. $250000 Question  A: Posting to Ledger A:  B: Recording in the Journal B:  C: Closing Entries C:  D: Preparation of the Financial Statements D: $250,000 Question Click on the letter of the correct answer $250,000 Step 7 in the Accounting Cycle involves:

41. INCORRECT! TRY AGAIN!

42. SCORE $250,000 Click on the money bag to return to the scoreboard Correct!

43. $500000 Question  A: Journalizing A:  B: Posting to the Ledger B:  C: Preparing the Adjusted Trial Balance C:  D: All of the Above D: $500,000 Question Click on the letter of the correct answer $500,000 Step 3 in the Accounting Cycle Involves:

44. INCORRECT! TRY AGAIN!

45. SCORE $500,000 Click on the money bag to return to the scoreboard Correct!

46. $1 Million Question  A: 25 A:  B: 15 B:  C: 9 C:  D: 36 D: $500,000 Question Click on the letter of the correct answer $1 Million Generally, how many steps are there in the Accounting Cycle?

47. INCORRECT! TRY AGAIN!

48. SCORE $1 MILION Correct!