Accounting JeopardyAccounting JeopardyGlencoe AccountingGlencoe Accounting

Chapters 2-3Chapters 2-3

By Carl Lyman

© December 2001

Accounting Jeopardy

Basic TermsAccounting Equation

Transactions Principles

100 100 100 100200 200 200 200300 300 300 300400 400 400 400500 500 500 500

Credits

Glencoe Accounting. Glencoe/McGraw-Hill. 2000.

That’s all folks.Exit

Terms $100

One owner

Terms $100

What is a sole proprietorship?

Terms $200

More than one owner.

Terms $200

What is a partnership?

Terms $300

Owned by stockholders.

Terms $300

What is a corporation?

Terms $400

A person who starts his own business.

Terms $400

What is an entrepreneur?

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

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

Accounting Equation $400

What is a transaction?

Accounting Equation $500

Claim to the assets of a company.

Accounting Equation $500

What is equity?

Transactions $100

Income earned from the sale of goods or services?

Transactions $100

What is a revenue?

Transactions $200

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

Transactions $200

What is an expense?

Transactions $300

Left side of a transaction.

Transactions $300

What is a debit?

Transactions $400

Increasing side of a liability.

Transactions $400

Which side is the credit side?

Transactions $500

Money used for personal use by the owner.

Transactions $500

What is a withdrawal?

Principles $100

A business exist separate for the owner’s personal finances.

Principles $100

What is accounting principle of business entity?

Principles $200

A uniform period of time for reporting business financial information.

Principles $200

What is an accounting period?

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

Debits = Credits.

Principles $500

What is the equity of accounts?