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

3. Accounting Jeopardy Basic Terms Accounting Equation TransactionsConcepts 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 record summarizing all the information pertaining to a single item in the accounting equation is

12. Terms $400  What is a T account

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

14. Terms $500  What is capital?

15. Accounting Equation $100  Accounting equation.

16. Accounting Equation $100  What is: Assets = Liabilities + Owners Equity?  BONUS: What is the long account equation  A = L+ Cap + R – E -W

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

36. Concepts $100  What is business entity?

37. Concepts $200 – Business transactions are stated in numbers that have common values – that is, using a common unit of measurement.

38. Concepts $200  What is an unit of measurment

39. Concepts $300 – Revenue is Recorded at the time goods or services are sold

40. Concepts $300  What is realization of revenue?

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?