Accounting JeopardyAccounting JeopardyGlencoe AccountingGlencoe Accounting

Chapters 1Chapters 1

Accounting Jeopardy

Basic TermsAccounting Equation

Transactions Principles

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Credits

Glencoe Accounting. Glencoe/McGraw-Hill. 2000.

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?