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Accounting Jeopardy Century 21 Accounting Chapter 6 by Mrs. Saylor.

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Presentation on theme: "Accounting Jeopardy Century 21 Accounting Chapter 6 by Mrs. Saylor."— Presentation transcript:

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2 Accounting Jeopardy Century 21 Accounting Chapter 6 by Mrs. Saylor

3 Accounting Jeopardy Accounting Concepts General & Adjustments Work Sheet Correcting Errors 100 200 300 400 500

4 Credits Century 21 Accounting That’s all folks. Exit

5 Accounting Concepts $100  Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept.

6 Accounting Concepts $100 What is True?

7 Accounting Concepts $200  The accounting concept Consistent Reporting is being applied when a word processing service business reports revenue per page one year and revenue per hour the next year.

8 Accounting Concepts $200  What is False?  The reporting needs to be the same for every year. Use revenue per page every year.

9 Accounting Concepts $300  Following the same accounting procedures in the same way in each accounting period is an application of the accounting concept _____ _____.

10 Accounting Concepts $300 What is Consistent Reporting ?

11 Accounting Concepts $400  Reporting changes in financial information for a specific period of time in the form of financial statements is an application of the accounting concept _____ _____ _____.

12 Accounting Concepts $400  What is Accounting Period Cycle ?

13 Accounting Concepts $500  Recording Revenue from business activities and expenses associated with earning that revenue in the same accounting period is an application of the accounting concept _____ _____ _____ _____.

14 Accounting Concepts $500 What is Matching Expenses With Revenue?

15 General & Adjustments $100  Many businesses choose a one-year fiscal period that ends during a period of high business activity.

16 General & Adjustments $100 What is False?  Choose a fiscal period that ends during a period of LOW business activity.

17 General & Adjustments $200  The balance of the supplies account plus the value of the supplies on hand equals the up-to-date balance of the supplies account.

18 General & Adjustments $200  What is False?  The balance of the supplies account less the value of the supplies used up equals the up-to-date balance of the supplies account.

19 General & Adjustments $300  The value of the prepaid insurance coverage used during a fiscal period is an expense.

20 General & Adjustments $300  What is True?  The account is Insurance Expense.

21 General & Adjustments $400  Financial information may be reported any time a business needs it.

22 General & Adjustments $400  What is True?

23 General & Adjustments $500  The two accounts affected by the adjustment for insurance are Prepaid Insurance Expense and Insurance.

24 General & Adjustments $500  What is False?  The two accounts affected by the adjustment for insurance are Prepaid Insurance and Insurance Expense.

25 Work Sheets $100  When the Income Statement Credit column total is greater than the Income Statement Debit column total on a work sheet, the business has a net income.

26 Work Sheets $100  What is True?

27 Work Sheets $200  If an amount is written in an incorrect column on a work sheet, the error should be erased and the amount should be written in the correct column.

28 Work Sheets $200 What is True?

29 Work Sheets $300  On a work sheet, the balance of the owner’s capital account is extended to the _____ _____ _____ column.

30 Work Sheets $300 What is Balance Sheet Credit ?

31 Work Sheets $400  A net loss is entered in the work sheet’s _____ _____ Credit and _____ _____ Debit columns.

32 Work Sheets $400 What is Income Statement Credit & Balance Sheet Debit

33 Work Sheets $500  On a work sheet, the balance of an expense account is extended to the _____ _____ _____ column.

34 Work Sheets $500  What is Income Statement Debit ?

35 Correcting Errors $100  If the Trial Balance columns are not equal and the difference is $50.00, the error most likely is a $25.00 amount written in the wrong column.

36 Correcting Errors $100 What is True?

37 Correcting Errors $200  If the Trial Balance columns are not equal and the difference is 1, the error most often is in _____.

38 Correcting Errors $200  What is Addition ?

39 Correcting Errors $300  If the difference between the totals of Debit and Credit columns on a work sheet can be evenly divided by 9, then the error is most likely in addition.

40 Correcting Errors $300  What is False?  The error is a number transposed ($54.00 instead of $45.00) or a number slide ($100 instead of $1,000).

41 Correcting Errors $400  If there are errors in the work sheet’s Trial Balance columns, it might be because not all general ledger account balances were copied in the Trial Balance columns correctly.

42 Correcting Errors $400  What is True?

43 Correcting Errors $500  If a pair of work sheet columns do not balance and the difference between the totals is an amount that appears elsewhere on the work sheet, the error is probably an amount that has not been _____.

44 Correcting Errors $500  What is Extended?


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