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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 T or F? No source document is prepared for adjusting entries, which is why the entries are prepared with a heading in the general journal.

6 1 TRUE Home

7 2 Permanent accounts are also referred to as nominal accounts.

8 2 FALSE

9 3 The Income Summary does not have a normal balance which makes it unique.

10 3 TRUE

11 4 What is the first step in the accounting cycle?

12 4 Analyze transactions

13 5 What is the last step in the accounting cycle?

14 5 Prepare a Post-Closing Trial Balance

15 6 Journal entries recorded to update general ledger accounts at the end of a fiscal period are known as

16 6 Adjusting Entries

17 7 The series of accounting activities included in recording financial information for a fiscal period is ______________ _______________

18 7 Accounting Cycle

19 8 Where are adjustments located, analyzed, and planned?

20 8 On a work sheet

21 9 Accounts used to accumulate information from one fiscal period to the next is _____________ ____________

22 9 Permanent Accounts

23

24

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

26 1 A trial balance prepared after closing entries are posted is known as this:

27 1 Post-Closing Trial Balance Home

28 2 T or F? All accounts in a general ledger are listed on a post-closing trial balance.

29 2 FALSE

30 3 T or F? Temporary accounts must start each fiscal period with a zero balance.

31 3 TRUE

32 4 Accounts used to accumulate information until it is transferred to the owner’s capital account is known as:

33 4 Temporary Accounts

34 5 T or F? Dr. Supplies and Cr. Supplies Expense is the correct adjusting entry for Supplies.

35 5 FALSE

36 6 T or F? The journal entry to adjust Prepaid Insurance is: Dr. Insurance Expense, Cr. Prepaid Insurance

37 6 TRUE

38 7 T or F? Adjusting entries are recorded on the next journal page following the page on which the last daily transactions for the month are recorded.

39 7 TRUE

40 8 T or F? The Income Summary should be reduced to zero the prepare the account for the next fiscal period.

41 8 TRUE

42 9 Temporary Accounts begin each new fiscal period with a ______________ ______________

43 9 Zero Balance

44

45

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

47 1 How do you close expense accounts?

48 1 Dr. Income Summary, Cr. Each Expense Account Home

49 2 T or F? Assets, Liabilities, and Owner’s Capital are all temporary accounts.

50 2 FALSE

51 3 T or F? Revenue, Expense, Drawing, and Income Summary are all Permanent Accounts.

52 3 FALSE

53 4 If a Post-Closing Trial Balance is prepared on December 31 st, how is the date prepared and written?

54 4 December 31, 2013

55 5 T or F? Adjusting Entries and Closing Entries are the two headings written in the general journal

56 5 TRUE

57 6 T or F? Ending account balances for permanent accounts are used as the beginning balances for next fiscal period.

58 6 TRUE

59 7 T or F? To close a temporary account, an amount equal to its balance on the opposite side must be recorded.

60 7 TRUE

61 8 What is the last step of the accounting cycle?

62 8 Prepare Post-Closing Trial Balance

63 9 How many steps are in the accounting cycle?

64 9 8 Steps

65

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