2. Accounting Jeopardy Glencoe Accounting Chapters 1

3. Accounting Jeopardy Basic Terms Accounting Equation TransactionsPrinciples 100 200 300 400 500

4. Credits  Glencoe Accounting. Glencoe/McGraw-Hill. 2000.  That’s all folks. Exit

5. Terms $100  Business owned by one person.

6. Terms $100  What is a sole proprietorship?

7. Terms $200  The name given to an account.

8. Terms $200  What is an account title?

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

10. Terms $300  What is a balance sheet?

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

12. Terms $400  What is an account?

13. Terms $500  Money invested by the owner.

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

15. Accounting Equation $100  Accounting equation.

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

17. Accounting Equation $200  Something owned by a company.

18. Accounting Equation $200  What is an asset?

19. Accounting Equation $300  Something owed.

20. Accounting Equation $300  What is a liability?

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

22. Accounting Equation $400  What is a service business?

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

24. Accounting Equation $500  What is equity?

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

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

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

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

29. Transactions $300  Supplies increase and Swans Company increases.

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

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

32. Transactions $400  What is a transaction?

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

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

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

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

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

38. Principles $200  What is Unit of Measurement?

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

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

41. Principles $400  Two accounts.

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

43. Principles $500  The language of business

44. Principles $500  What is accounting?