1. Hosted by
Ms. Appel

2. True/False 1
Balance the Equation
Vocabulary
Balance Sheet
100
100
100
100
200
200
200
200
300
300
300
300
Final
400
400
400
400
500
500
500
500

3. The accounting equation is most Assets + Liabilities = Owner’s Equity
What is False?
The accounting equation is most
often stated as:
Assets + Liabilities = Owner’s Equity
Row 1, Col 1

4. what is the value of Owner’s Equity
If Assets = $5,000;
Liabilities = $2,000,
what is the value of Owner’s Equity
Row 1, Col 2

5. A business owned by one person.
What is a proprietorship?
A business owned by one person.
Row 1, Col 3

6. Everything on the left side
What are Assets?
Everything on the left side
of the Balance Sheet
Row 1, Col 4

7. After each transaction, the accounting equation must
What is True?
After each transaction,
the accounting equation must
remain in balance.
Row 2, Col 1

8. what is the value of Assets?
If Owner’s Equity = $23,000
and Liabilities = $10,000;
what is the value of Assets?
Row 2, Col 2

9. that changes assets, liabilities,
What is a transaction?
Daily Double
A business activity
that changes assets, liabilities,
or owner’s equity.
Row 2, Col 3

10. The first part of the right
What are Liabilities?
The first part of the right
side of a Balance Sheet.
Row 2, Col 4

11. When two asset accounts are changed in a transaction, there
What is True?
When two asset accounts are
changed in a transaction, there
must be an increase and a decrease.
Row 3, Col 1

12. what is the value of Liabilities?
If Assets are $15,000 &
Owner’s Equity is $5,000;
what is the value of Liabilities?
Row 3, Col 2

13. The amount remaining after the value of all liabilities is subtracted
What is Owner’s Equity?
The amount remaining after the
value of all liabilities is subtracted
from the value of all assets.
Row 3, Col 3

14. This concept is applied when preparing all financial statements,
What is Going Concern?
Daily Double
This concept is applied when
preparing all financial statements,
including the Balance Sheet.
Row 3, Col 4

15. When cash is paid for supplies,
What is False?
When cash is paid for supplies,
assets increase and liabilities decrease.
Row 4, Col 1

16. If Assets are $30,000 & Liabilities are $5,000; what is the value of
Owner’s Equity?
Row 4, Col 2

17. providing financial information that will be useful to management.
What is an Accounting System?
A planned process for
providing financial information
that will be useful to management.
Row 4, Col 3

18. These types of accounts appear under the Liabilities section of
What are Accounts Payable?
These types of accounts appear
under the Liabilities section of
the Balance Sheet
Row 4, Col 4

19. When an account on one side of the accounting equation is
What is False?
When an account on one side
of the accounting equation is
increased, there must always be
an increase on the other side to
keep the equation in balance.
Row 5, Col 1

20. If Assets = $19,100; & Liabilities = $3,200; what is the value of
Owner’s Equity?
Row 5, Col 2

21. A business that performs
What is a Service Business?
A business that performs
an activity for a fee.
Row 5, Col 3

22. This type of account appears under the Owner’s Equity section
What is Owner’s Capital Account?
This type of account appears
under the Owner’s Equity section
of a Balance Sheet.
Row 5, Col 4

23. What accounts would be affected with the following transaction and how would they be affected: Paid cash on account to Auto Design, $2,100.00
Final Jeopardy