1. $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 Topic 1 Topic 2Topic 3Topic 5Topic 6

2. Cash, coin, money orders, bills

3. CASH

4. Something owned by the business

5. ASSET

6. DAILY DOUBLE

8. Scarce items which require effort to produce and for which a price must be paid? The employees of a business are called ___ ?

9. 1. ECONOMIC RESOURCES 2. HUMAN RESOURCES

10. Furniture is a(an)...

11. ASSET

12. Bank Loan Payable is considered a …

13. LIABILITIES

14. Supplies on hand are called...

15. ASSETS

16. Loan from friends...

17. LIABILITIES

18. True or False A bank loan is always considered a liability.

19. TRUE

20. An amount owing to an outside person or business

21. ACCOUNT PAYABLE AND/OR LIABILITY

22.  Assets = $45 600 OE = $23 800 Liabilities = ?

23. $21 800

24. Explain the order of listing liabilities in a balance sheet

25. LISTED IN THE ORDER OF DEBT MATURITY ORDER THAT THES DEBTS MUST BE PAID ON A TIME BASIS

26. Borrower must be prepared to pay the loan when the bank wants payment

27. DEMAND LOAN (ON DEMAND)

28. Accounts Payable A ? L ? OE ?

29. LIABILITY

30. DAILY DOUBLE

32. 1.Owned by many people and governed by government rules. 2.Owned by two or more people. 3.Owned by one person.

33. 1. CORPORATION 2. PARTNERSHIP 3. SOLE PROPRIETORSHIP

34. True or False The owner’s equity section of a Balance Sheet does not vary as to the form of ownership.

35. FALSE

36. True or False Would investing the 2 nd car of the family into the business increase owner’s equity?

37. TRUE

38. Is the claim of the owner has against the total assets of the business

39. OWNER’S EQUITY

40. Assets - $20 000 Liabilities - ? Owner’s Equity - $5000

41. LIABILITIES - $15 000

42. What is the accounting equation?

43. A = L + OE

44. What are 2 similarities between the accounting equation and the balance sheet?

45. 1.SIMILAR SIDES 2.TOTALS ON BOTH SIDES EQUAL

46. General Rule for $

47. $ BEGINNING OF EACH MONEY COLUMN & TOTAL

48. ____________ ?

49. SOME FORM OF CALCULATION

50. __________________ ?

51. FINAL TOTAL

52. DAILY DOUBLE #1 What is included in the heading of the balance sheet?

53. DAILY DOUBLE #1 ANSWER WHO WHAT WHEN (AS AT)

54. DAILY DOUBLE #2 GAAP Entity Concept

55. DAILY DOUBLE #2 ANSWER 1.GENERALLY ACCEPTED ACCOUNTING PRINCIPLES - a broad guide or rule in accounting 2.A BUSINESS IS AN ECONOMIC UNIT AND IS SEPERATE AND DISTINCT FROM IT OWNERS

56. FINAL JEOPARDY OTHER: debtitor, creditor, Concept – basic idea that acts as the foundation of all accounting theory In case of business failure, the assets are distributed first to ______________ As a team decide how many points you want to wager before the question is asked

57. FINAL JEOPARDY QUESTION The topic is obviously a practical problem Ms. Lapointe’s Dental Service (cash $15000, Bank Loan Payable $8000, Mortgage Payable $45000, Land $12000, car $ 12000, Dental Equipment $2000, Building $69000, Accounts Payable Joe $1600, Account Payable Nick $1600 1.Find OE 2.Prepare a formal balance sheet for Ms. Lapointe’s Dental Service on a piece of loose leaf if no sheet is provided.

58. FINAL JEOPARDY ANSWER Ms. Lapointe’s Dental Service Balance Sheet As at August 26, 2010 AssetsLiability Cash$15000BLP$8000 Car 12000Acc.Pay. Land 12000 Joe $1600 Dental Equ 2000 Nick 1600 3200 Building 69000Mortgage P. 45000 Total Liabilities $ 56200 Owner’s Equity Lapointe, Capital 53 800 ___________________ Total Assets$110000Total L & OE$110000

59. Final Final Jeopardy Return back to your original seat

60. Final Final Jeopardy –Hand in chapter problems, questions, mini cases –Test (multiple choice and practical problems – balance sheet) –Review study guide –Good luck studying