Accounting Jeopardy Glencoe Accounting Chapters 1

Accounting Jeopardy Basic Terms Accounting Equation TransactionsPrinciples

Credits  Glencoe Accounting. Glencoe/McGraw-Hill  That’s all folks. Exit

Terms $100  Business owned by one person.

Terms $100  What is a sole proprietorship?

Terms $200  The name given to an account.

Terms $200  What is an account title?

Terms $300  Financial statement that reports assets, liabilities, and owner’s equity on a specific date.

Terms $300  What is a balance sheet?

Terms $400  A record summarizing all the information pertaining to a single item in the accounting equation.

Terms $400  What is an account?

Terms $500  Money invested by the owner.

Terms $500  What is capital?  What is an investment?

Accounting Equation $100  Accounting equation.

Accounting Equation $100  What is: Assets = Liabilities + Owners Equity?

Accounting Equation $200  Something owned by a company.

Accounting Equation $200  What is an asset?

Accounting Equation $300  Something owed.

Accounting Equation $300  What is a liability?

Accounting Equation $400  A business that performs an activity for a fee.

Accounting Equation $400  What is a service business?

Accounting Equation $500  Claim to the assets of a company.

Accounting Equation $500  What is equity?

Transactions $100  Increase in cash and an increase in owner’s equity

Transactions $100  What accounts are effected and how when cash is received from owner as an investment?

Transactions $200  Decrease in cash and a decrease in Swan’s company.

Transactions $200  What accounts are effected and how when cash is paid on account?

Transactions $300  Supplies increase and Swans Company increases.

Transactions $300  What accounts are effected and how when supplies are bought on account?

Transactions $400  A business activity that changes assets, liabilities, or owner’s equity.

Transactions $400  What is a transaction?

Transactions $500  Results in an increase and decrease on the same side of an accounting equation.

Transactions $500  What is paying cash for supplies or paying cash for prepaid insurance?

Principles $100  A business exist separate for the owner’s personal finances.

Principles $100  What is accounting principle of business entity?

Principles $200  Applied when business transactions are stated in numbers that have common values.

Principles $200  What is Unit of Measurement?

Principles $300  Assumption that a business will survive and operate indefinitely.

Principles $300  What is the accounting assumption of going concern?

Principles $400  Two accounts.

Principles $400  Every transaction involves at least how many accounts?

Principles $500  The language of business

Principles $500  What is accounting?