1. Welcome to... A Game of X’s and O’s

2. 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

3. 789 456 123

4. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

5. 1 T or F? No source document is prepared for adjusting entries, which is why the entries are prepared with a heading in the general journal.

6. 1 TRUE Home

7. 2 Permanent accounts are also referred to as nominal accounts.

8. 2 FALSE

9. 3 The Income Summary does not have a normal balance which makes it unique.

10. 3 TRUE

11. 4 What is the first step in the accounting cycle?

12. 4 Analyze transactions

13. 5 What is the last step in the accounting cycle?

14. 5 Prepare a Post-Closing Trial Balance

15. 6 Journal entries recorded to update general ledger accounts at the end of a fiscal period are known as

16. 6 Adjusting Entries

17. 7 The series of accounting activities included in recording financial information for a fiscal period is ______________ _______________

18. 7 Accounting Cycle

19. 8 Where are adjustments located, analyzed, and planned?

20. 8 On a work sheet

21. 9 Accounts used to accumulate information from one fiscal period to the next is _____________ ____________

22. 9 Permanent Accounts

25. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

26. 1 A trial balance prepared after closing entries are posted is known as this:

27. 1 Post-Closing Trial Balance Home

28. 2 T or F? All accounts in a general ledger are listed on a post-closing trial balance.

29. 2 FALSE

30. 3 T or F? Temporary accounts must start each fiscal period with a zero balance.

31. 3 TRUE

32. 4 Accounts used to accumulate information until it is transferred to the owner’s capital account is known as:

33. 4 Temporary Accounts

34. 5 T or F? Dr. Supplies and Cr. Supplies Expense is the correct adjusting entry for Supplies.

35. 5 FALSE

36. 6 T or F? The journal entry to adjust Prepaid Insurance is: Dr. Insurance Expense, Cr. Prepaid Insurance

37. 6 TRUE

38. 7 T or F? Adjusting entries are recorded on the next journal page following the page on which the last daily transactions for the month are recorded.

39. 7 TRUE

40. 8 T or F? The Income Summary should be reduced to zero the prepare the account for the next fiscal period.

41. 8 TRUE

42. 9 Temporary Accounts begin each new fiscal period with a ______________ ______________

43. 9 Zero Balance

46. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

47. 1 How do you close expense accounts?

48. 1 Dr. Income Summary, Cr. Each Expense Account Home

49. 2 T or F? Assets, Liabilities, and Owner’s Capital are all temporary accounts.

50. 2 FALSE

51. 3 T or F? Revenue, Expense, Drawing, and Income Summary are all Permanent Accounts.

52. 3 FALSE

53. 4 If a Post-Closing Trial Balance is prepared on December 31 st, how is the date prepared and written?

54. 4 December 31, 2013

55. 5 T or F? Adjusting Entries and Closing Entries are the two headings written in the general journal

56. 5 TRUE

57. 6 T or F? Ending account balances for permanent accounts are used as the beginning balances for next fiscal period.

58. 6 TRUE

59. 7 T or F? To close a temporary account, an amount equal to its balance on the opposite side must be recorded.

60. 7 TRUE

61. 8 What is the last step of the accounting cycle?

62. 8 Prepare Post-Closing Trial Balance

63. 9 How many steps are in the accounting cycle?

64. 9 8 Steps