Accounting Jeopardy Southwestern Accounting Chapter 1

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Accounting JeopardySouthwestern Accounting
Chapter 1
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Accounting Jeopardy
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Credits

• Glencoe Accounting. Glencoe/McGraw-Hill. 2000.
• Thats all folks.

Exit
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Terms 100

• The use of ethics in making business decisions

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Terms 100

• What is business ethics?

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Terms 200

• Planning, recording, analyzing, and interpreting
  financial information.

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Terms 200

• What is accounting?

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Terms 300

• An equation showing the relationship among
  assets, liabilities, and owners equity.

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Terms 300

• What is an accounting equation?

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Terms 400

• A business activity that changes assets,
  liabilities, or owners equity.

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Terms 400

• What is a transaction?

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Terms 500

• A planned process for providing financial
  information that will be useful to management.

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Terms 500

• What is an accounting system?

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Accounting Equation 100

• Accounting equation.

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Accounting Equation 100

• What is Assets Liabilities Owners Equity?

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Accounting Equation 200

• Something owned by a company.

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Accounting Equation 200

• What is an asset?

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Accounting Equation 300

• Something owed.

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Accounting Equation 300

• What is a liability?

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Accounting Equation 400

• An event that changes either an increase or
  decrease in an account.

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Accounting Equation 400

• What is a transaction?

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Accounting Equation 500

• Claim to the assets of a company.

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Accounting Equation 500

• What is equity?

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Transactions 100

• Income earned from the sale of goods or services?

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Transactions 100

• What is a revenue?

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Transactions 200

• The price paid for goods and services used to
  operate a business.

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Transactions 200

• What is an expense?

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Transactions 300

• Left side of a transaction.

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Transactions 300

• What is a debit?

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Transactions 400

• Increasing side of a liability.

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Transactions 400

• Which side is the credit side?

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Transactions 500

• Money used for personal use by the owner.

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Transactions 500

• What is a withdrawal?

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Accounting Practices 100

• After each transaction, the accounting equation
  must remain.

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Accounting Practices 100

• What is balanced?

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Accounting Practices 200

• Total assets are the amount the owner has
  invested in the business. True/False
• Note (if false must state what TOTAL ASSETS are)

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Accounting Practices 200

• False
• Total Assets Current assets Long term assets?

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Accounting Practices 300

• The capital account is the owners liability
  account.

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Accounting Practices 300

• What is FALSE?

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Accounting Practices 400

• A withdrawal is an expense.

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Accounting Practices 400

• False
• A withdrawal is not a result of normal operations
  of a business and therefore is not an expense.
• An expense is a decrease in owners equity
  resulting from the operation of a business.
• Note they both decrease owners equity.
• Examples of an expense are advertising, equipment
  repair, or rental, charitable contributions, etc.

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Accounting Practices/ Final Double Jeopardy 500

• At the end of the first day of business, Quick
  Clean Co has the assets and liabilities shown
  below. The owner An Wu, wants to know the amount
  of equity in Quick Clean Co. Determine the amount
  and explain what this amount represents.
• Assets Liabilities
• Cash 3500 A/P-Smith Office Supplies 750
• Supplies 950 A/P-Super Supplies Co 1500
• Prepaid 1200
• Insurance

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Accounting Practices/ Final Double Jeopardy 500

• What is the amount of An Wus equity is the
  amount remaining after the value of ALL
  liabilities are subtracted from the value of
  assets. Assets 5650? And Liabilities 2250.
  Therefore, An Wus equity is 3400. This amount
  represents the value of Ms. Wus financial rights
  to the assets of Quick Clean Co.