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Welcome to... A Game of X’s and O’s. 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.

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Presentation on theme: "Welcome to... A Game of X’s and O’s. 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."— Presentation transcript:

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

4 Scoreboard X O Click Here if X Wins Click Here if O Wins

5 1 A group of accounts is known as this

6 1 Ledger Home

7 2 The cash account is the first asset account and is numbered __________

8 2 110

9 3 T or F? When all posting is completed, the journal’s Post. Ref. column is completely filled.

10 3 TRUE

11 4 When adding an expense account between 510 and 520, the new account # would be:

12 4 515

13 5 T or F? Account numbers may be assigned by 10s so new accounts can be added easily

14 5 TRUE

15 6 The two steps for opening an account are writing the account title and the __________ ________

16 6 ACCOUNT NUMBER

17 7 If the previous account balance and current entry posted are both credits, the new account balance is a ______________

18 7 CREDIT

19 8 The first digit in the account number 310 means that the account is in which division of the general ledger?

20 8 OWNER’S EQUITY

21 9 A journal entry made to correct an error in a previous journal entry is known as a _____________ ____________

22 9 CORRECTING ENTRY

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25 Scoreboard X O Click Here if X Wins Click Here if O Wins

26 1 Writing an account title and number on the heading of an account is known as this:

27 1 OPENING AN ACCOUNT Home

28 2 T or F? If a business has only two asset accounts, Cash and Supplies, Supplies is numbered 110.

29 2 FALSE

30 3 T or F? The posting reference in the general journal should always be recorded after amounts are recorded in the ledger.

31 3 TRUE

32 4 A ledger that contains all accounts needed to prepare financial statements is known as:

33 4 GENERAL LEDGER

34 5 The procedure for transferring information from a journal entry to a ledger account is known as:

35 5 POSTING

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

37 6 B. CREDIT Home

38 7 Determining that the amount of cash agrees with the balance of the cash account is known as this:

39 7 PROVING CASH

40 8 The Accounting Equation is:

41 8 Assets = Liabilities + OE

42 9 The number assigned to a particular account is known as this:

43 9 ACCOUNT NUMBER

44

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46 Scoreboard X O Click Here if X Wins Click Here if O Wins

47 1 When the previous balance of an account is zero and a debit amount is posted, the new balance is:

48 1 A DEBIT Home

49 2 In what order are expense accounts listed in a chart of accounts?

50 2 ALPHABETICAL

51 3 What are the FIVE main general ledger divisions?

52 3 (100) Assets (200) Liabilities (300) OE (400) Revenue (500) Expenses

53 4 If posting is interrupted, accountants know to resume posting when?

54 4 The line with the blank Post. Ref. Column in general journal

55 5 When is our test?

56 5 Tomorrow or Tuesday

57 6 Arranging accounts, assigning account numbers, and keeping records current is known as:

58 6 FILE MAINTENANCE

59 7 If I were to add a Water Expense account underneath my Utilities Expense (540) account, what number would I assign?

60 7 550

61 8 What town does Mr. Ulmer live in? A.Lancaster B. Mechanicsburg C. Carlisle D. York

62 8 B. MECHANICSBURG Home

63 9 What does CPA stand for?

64 9 Certified Public Accountant

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