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BUS 101 Accounting Jeopardy… "Jeopardy" is a registered trademark of Sony Pictures.

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Presentation on theme: "BUS 101 Accounting Jeopardy… "Jeopardy" is a registered trademark of Sony Pictures."— Presentation transcript:

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2 BUS 101 Accounting Jeopardy… "Jeopardy" is a registered trademark of Sony Pictures.

3 Today’s Categories… Cash Merchandising Organizations Accounting Terminology Financial Cents The Balance Sheet Which Statement?

4 Cash Financial Cents Balance Sheet Which Statem’t? $100100$100100$100100$ $200200$200200$200200$ $300300$300300$300300$ $400400$400400$400400$ $ Actg Terms $ $ $ $ $ Mdsing Orgs $ $ $ $ $500500$500500$500500$ Team 1Team 2Team 3

5 Cash - $100 Increases in any asset account are shown on a T account’s: What is Debit side? Back to Board

6 Cash - $200 Increases in any owner’s capital account are shown on a T account’s. What is “Credit side”? Back to Board

7 Cash - $300 A sale to a customer for which cash will be received at a later date is recorded under. What is “Accounts Receivable”? Back to Board

8 Cash - $400 When supplies are bought on account. What is Assets increase; liabilities increase? Back to Board

9 Cash - $500 The beginning cash balance, zero. Total of journal’s Cash Credit Column, $7, Total of journal’s Cash Debit Column, $9, The ending cash balance is. What is “$1,550.00”? Back to Board

10 Merchandising - $100 When merchandise is purchased on account. What is “Purchases is debited; Accounts Payable is credited? Back to Board

11 Merchandising $200 During a fiscal period, when a business buys merchandise the transaction is recorded under. What is “Purchases”? Back to Board

12 Merchandising $300 A post-closing trial balance shows: What is “That debits equal credits after closing entries are posted”? Back to Board

13 Merchandising $400 If an employee who earns $5.00 an hour has worked 5 hours of overtime and is paid time-and-a-half of overtime, what his/her overtime pay. What is “$37.50”? Back to Board

14 Merchandising $500 When a company sells merchandise, it credits this account for the cost of the goods that went out the door with the customer. What is the Inventory account? Back to Board

15 Terminology $100 When the petty cash fund is replenished, the balance of the petty cash account. What is “Remains the same”? Back to Board

16 Terminology $200 Transferring information from a journal entry to a ledger account is called. What is “Posting”? Back to Board

17 Terminology $300 DAILY DOUBLEDAILY DOUBLE!!!

18 Terminology $400 The totals of the general amount columns in a journal are. What is “Not Posted”? Back to Board

19 Terminology $500 An example of a subsidiary ledger is. What is “An Accounts Payable Ledger”? Back to Board

20 Financial “Cents” - $100 A net income results when. What is “Total revenue is greater than expenses”? Back to Board

21 Financial “Cents” - $200 The information needed for journalizing the adjusting entries is obtained from the: What is “Work Sheet’s Adjustments Columns”? Back to Board

22 Financial “Cents” - $300 One adjustment made on a worksheet for a merchandising business is: What is “Merchandise Inventory”? Back to Board

23 Financial “Cents” - $400 The supplies inventory adjustment includes a debit to Supplies Expense and a credit to: What is “Supplies”? Back to Board

24 Financial “Cents” - $500 In order to close Sales account: What is “Debit Sales; credit Income Summary”? Back to Board

25 Balance Sheet - $100 Account balances extended to the balance sheet columns of a worksheet include. What is “Cash, accounts payable, and owner’s drawing”? Back to Board

26 Balance Sheet - $200 Allowance for Bad Debt appears under this major section of the Balance Sheet. What are “Assets”? Back to Board

27 Balance Sheet $300 Warranty Obligations appears under this major section of the Balance Sheet. What is the “Liabilities” section of the Balance Sheet? Back to Board

28 Balance Sheet - $400 Unearned Revenue appears under this major section of the Balance Sheet. What is the “Liability” section of the Balance Sheet? Back to Board

29 Balance Sheet - $500 A financial statement that reports the financial condition of a business is a(n). What is “The Balance Sheet”? Back to Board

30 Which Statement $100 What is “The Work Sheet’s Income Statement Columns”? Back to Board Information needed for recording the closing entries is obtained from:

31 Which Statement $200 A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is a(n). What is “Worksheet”? Back to Board

32 Which Statement $300 A financial statement showing the revenue and expenses for a fiscal period is a(n). What is “Income Statement”? Back to Board

33 Which Statement $400 A balance sheet is a financial statement that reports. What is “Assets, Liabilities, and Owner’s Equity? Back to Board

34 Which Statement $500 Wages Payable to Employees appears on this statement. What is the Balance Sheet? Back to Board

35 Daily Double Specify Your Wager!

36 Terminology --- The federal tax paid by employees and employers for old age, survivors, disability and hospitalization insurance is:

37 Terminology --- Back to Board The federal tax paid by employees and employers for old age, survivors, disability and hospitalization insurance is: What is “FICA tax”


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