2. Accounting Jeopardy Chapter 6 By Carl Lyman © December 2001

3. Accounting Jeopardy Basic Terms PurchasesDiscountsMisc 100 200 300 400 500

4. Credits That’s all folks. That’s all folks. Exit

5. Terms $100 An organization with the legal rights of a person and which may be owned by many persons. An organization with the legal rights of a person and which may be owned by many persons.

6. Terms $100 What is a corporation? What is a corporation?

7. Terms $200 A journal used to record only one kind of transaction. A journal used to record only one kind of transaction.

8. Terms $200 What is a special journal? What is a special journal?

9. Terms $300 A merchandising business that sells to those who use or consume the goods. A merchandising business that sells to those who use or consume the goods.

10. Terms $300 What is a retail merchandising business? What is a retail merchandising business?

11. Terms $400 A from prepared by the customer showing the price deduction taken by the customer for returns and allowances. A from prepared by the customer showing the price deduction taken by the customer for returns and allowances.

12. Terms $400 What is debit memorandum What is debit memorandum

13. Terms $500 Total shares of ownership in a corporation. Total shares of ownership in a corporation.

14. Terms $500 What is Capital Stock? What is Capital Stock?

15. PURCHASES $100 An invoice used as a source document for recording a purchase on account transaction An invoice used as a source document for recording a purchase on account transaction

16. PURCHASES $100 What is purchase invoice? What is purchase invoice?

17. PURCHASES $200 Credit allowed for the price of returned merchandise, resulting in a decrease in the customer’s accounts payable. Credit allowed for the price of returned merchandise, resulting in a decrease in the customer’s accounts payable.

18. PURCHASES $200 Purchase Return Purchase Return

19. PURCHASES $300 Purchases is what category of account? Purchases is what category of account?

20. PURCHASES $300 Cost of Merchandise Cost of Merchandise

21. PURCHASES $400 When purchases are recorded at their cost, including any related shipping costs and taxes this accounting concept is being applied. When purchases are recorded at their cost, including any related shipping costs and taxes this accounting concept is being applied.

22. PURCHASES $400 What is Historical Cost What is Historical Cost

23. PURCHASES $500 The purchases account is increased by this The purchases account is increased by this

24. PURCHASES $500 What is a debit What is a debit

25. DISCOUNTS $100 A deduction that a vendor allows on the invoice amount to encourage prompt payment A deduction that a vendor allows on the invoice amount to encourage prompt payment

26. DISCOUNTS $100 What is Cash discount? What is Cash discount?

27. DISCOUNTS $200 A cash discount on purchases taken by a customer A cash discount on purchases taken by a customer

28. DISCOUNTS $200 What is purchases discount? What is purchases discount?

29. DISCOUNTS $300 A reduction in the list price granted to customers A reduction in the list price granted to customers

30. DISCOUNTS $300 What is trade discount? What is trade discount?

31. DISCOUNTS $400 Purchase discounts are increase with this. Purchase discounts are increase with this.

32. DISCOUNTS $400 What is a Credit? What is a Credit?

33. DISCOUNTS $500 The terms of sale of 5/15, n/30 mean this. The terms of sale of 5/15, n/30 mean this.

34. DISCOUNTS $500 What is a 5% discount within 15 days or the entire amount is due within 30 days What is a 5% discount within 15 days or the entire amount is due within 30 days

35. Miscellaneous $100 Paper and Pens that are bought for use in a business are recorded in this account. Paper and Pens that are bought for use in a business are recorded in this account.

36. Miscellaneous $100 What is Supplies? What is Supplies?

37. Miscellaneous $200 What is the normal balance of a contra account?

38. Miscellaneous $200 What is the opposite the normal balance of their related accounts What is the opposite the normal balance of their related accounts

39. Miscellaneous $300 Merchandise purchased for $2,000.00 on July 1, the terms of 2/10, n/30, the amount due on July 12 is?

40. Miscellaneous $300 What is $2,000.00 What is $2,000.00

41. Miscellaneous $400 Merchandise with a list price of $2,500.00 and a trade discount of 60% was purchased on July 1. Terms of sale are 2/10, n/30. Payment is made on July 9. What is the amount due? Merchandise with a list price of $2,500.00 and a trade discount of 60% was purchased on July 1. Terms of sale are 2/10, n/30. Payment is made on July 9. What is the amount due?

42. Miscellaneous $400 What is $980.00? What is $980.00?

43. Miscellaneous $500 To replenish a $200.00 petty cash fund, if the receipts totaled $147.50 and cash of $49.50 in the petty cash box. Is the Cash Short or Over and by how much? To replenish a $200.00 petty cash fund, if the receipts totaled $147.50 and cash of $49.50 in the petty cash box. Is the Cash Short or Over and by how much?

44. Miscellaneous $500 What is short by $3.00 What is short by $3.00