1. ACCT Jeopardy T/F M/C Completion 5 50 100 10 200 15 150 300 20 400 25
250
500 30
600 35
350
700 40
800 45
450
900

2. True/False
The accounting equation should remain in balance after each transaction.

3. True

4. False

5. A business transaction affects a least two accounts.
True/False
A business transaction affects a least two accounts.

6. True/False
“Assets + Liabilities = Owner’s Equity” is another way to express the accounting equation.

7. True/False
The private enterprise system is based on the right to own property.

8. True/False
The owner’s personal financial transactions are part of the business’s records.

9. True/False
Full Screen view removes the toolbars, rulers, and scrollbars from the screen.

10. True/False
Press the Down arrow key to move the insertion point to the next page.

11. True/False
The owner’s claims to the assets of a business are liabilities.

12. True/False
When a business transaction occurs, the financial position of the business changes.

13. True/False
A creditor has a financial claim to the assets of a business.

14. Multiple Choice
If the creditor’s financial claim to property totals $1,000 and the owner’s financial claim to property totals $11,000, the property value is
$10,000.
$11,000.
$12,000.
$1,000.

15. Multiple Choice asset. liability. owner’s equity. none of the above.
The account Accounts Receivable is an example of a(n)
asset.
liability.
owner’s equity.
none of the above.

16. Multiple Choice Office Furniture. Accounts Payable. Cash in Bank.
All of the following account names are asset names, except
Office Furniture.
Accounts Payable.
Cash in Bank.
Equipment.

17. Multiple Choice
If a business has assets of $5,600 and liabilities of $900, the owner’s equity is
$6,500.
$900.
$4,700.
$5,600.

18. Multiple Choice cash transaction. credit transaction.
A business transaction that involves a purchase on account is considered to be a(n)
cash transaction.
credit transaction.
investment by the owner.
expense transaction.

19. Multiple Choice Cash in Bank and Accounts Payable.
If a business purchases a calculator on account, the accounts affected by this transaction are:
Cash in Bank and Accounts Payable.
Office Equipment and Accounts Receivable.
Office Equipment and Cash in Bank.
Office Equipment and Accounts Payable.

20. Multiple Choice advertising. monthly rent. utility bills. equipment
Each of the following is a business expense, except payment for:
advertising.
monthly rent.
utility bills.
equipment

21. Multiple Choice grammatical formatting layout spelling
A _____ error is identified with a wavy red line.
grammatical
formatting
layout
spelling

22. Multiple Choice Cash in Bank. Accounts Payable. Accounts Receivable.
The purchase of a desk on account will increase Office Furniture and will also increase
Cash in Bank.
Accounts Payable.
Accounts Receivable.
Jon McIvey, Capital.

23. Completion
The ____ is Assets = Liabilities + Owner’s Equity.

24. Completion
A(n) ____ is any property or item of value owned by a business.

25. Completion
______ are the creditor’s claims to the assets of the business.

26. Completion
Buying ___ ____ is the same as buying on credit.

27. Completion
_____ is income earned from the sale of goods and services.

28. Completion
A person or business that sells property on credit, or any person or business to which money is owed, is called a(n) ______.

29. Completion
The amount of money owed to the creditors of a business is _______.

30. Completion
_____ refers to the dollar amount of the owner’s equity in the business.

31. Completion
The costs of goods and services used to operate a business are _____.

32. a

33. b

34. c

35. d

36. accounting equation

37. asset

38. liabilities

39. on account

40. revenue

41. creditor

42. accounts payable

43. capital

44. expenses