Welcome to... A Game of X’s and O’s

Rules Only one person is asked and can answer NO NOTES Go around the room in order 3 in a row wins the game If no team gets three in a row, whichever team gets 5 marks wins the game Best of 3 series Winning team gets a bonus point

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 T or F? A list of accounts used by a business is a chart of accounts

1 TRUE Home

2 T or F? Prepaid Insurance is an asset account with a normal credit balance

2 FALSE

3 The right side of a T Account is the ______ _______ A. Debit side B. Credit side C. Equity side

3 B. CREDIT SIDE

4 The normal balance of any revenue account is the ________ _________

4 CREDIT SIDE

5 T or F? Expense accounts and Drawing accounts have a normal debit balance in Accounting

5 TRUE

6 T or F? Accounts Receivable accounts are increased with a credit

6 FALSE

7 The side of the T Account that is increased is called the ________ __________.

7 NORMAL BALANCE

8 When a business receives a revenue, Sales is: A.Increased by a Debit B. Decreased by a Debit C. Increased by a Credit

8 C. Increased by a Credit Home

9 An amount recorded on the left side of a T Account A. Debit B. Credit C. Normal Balance

9 A. DEBIT

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 Paying rent, advertising, or utilities are examples of an ____________

1 EXPENSE Home

2 T or F? Accountants record withdrawals as debits directly in the owner’s capital account.

2 FALSE

3 Each liability account has a normal ______ balance A. Credit B. Debit C. Equity

3 A. CREDIT

4 T or F? Mrs. Stewart, Capital is decreased with a credit

4 FALSE

5 T or F? Mr. Mancuso, Drawing is decreased with a credit

5 TRUE

6 The normal balance side of an Accounts Payable account is a __________. A.DebitB. CreditC. Equity

6 B. CREDIT Home

7 T or F? Businesses use accounts to summarize all information pertaining to a single item

7 TRUE

8 Paying cash for insurance, $800 increases _____________ and decreases ____________ A. Cash, A/R B. Prepaid Insurance, Cash

8 B. Prepaid Insurance, Cash

9 T or F? Receiving cash on account increases Cash and decreases Accounts Receivable

9 TRUE

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 T or F? A drawing account is decreased by debits and increased by credits

1 FALSE Home

2 T or F? All Owner’s Equity accounts are increased on the credit side

2 FALSE

3 When services are sold on account, which two accounts are affected in this transaction? A. Cash, Sales B. A/R, Sales C. A/P, Cash

3 B. A/R, Sales

4 When cash is paid for rent, Rent Expense is: A. Increased w/ a credit B. Increased w/ a debit

4 B. Increased w/ a debit

5 T or F? Revenue and Expense accounts and transactions affect Owner’s Equity

5 TRUE

6 The normal balance side of an Owner’s Capital account is the A. Debit Side B. Credit Side C. Asset side

6 B. CREDIT SIDE

7 T or F? A withdrawal is an expense

7 FALSE

8 T or F? The balance of an account increases on the side opposite the normal balance side

8 FALSE

9 T or F? Prepaid Insurance has a normal debit balance

9 TRUE