Accounting 3 Jeopardy Template

Equations	True or False	GAAPS	Miscelanious
100 Assets-Liabilities=Owners Equity How to calculate owner's equity?	100 True Supplies expense means supplies used.	100 The Cost Principle Which GAAP requires that assets must be recorded at purchase price?	100 General Ledger After transaction information has been recorded in the journal, it is transferred to the...
200 Revenue-expenses How to calculate net income/loss?	200 false Purchase invoice HST is HST payable.	200 false The Business Entity Concept allows the business owner to include their personal assets on the business balance sheet.	200 a title, a debit side, and a credit side An account consists of...
300 Undepreciated Cost x Depreciation precentage What is the formula for declining depreciation.	300 True Income statements are made at the year-end.	300 Revenue Revenue recognition principle requires that _________ be recorded when it is earned.	300 False When adjusting an account for a loss, it is always on the credit side.
400 Assets= Liabilities+Owner's Equity Asset=?	400 false Expenses increase owner's equity.	400 True According to the objectivity principle, a source document is proof that a transaction has occurred.	400 Credit Does revenue sits on the debit or credit?
500 (Cost-Salvage Value)/ Life Expectancy What is the formula for straight line depreciation?	500 False The accounting rules (GAAP) are called greatly accepted accounting principles.	500 Continuing Concern Concept Which GAAP states that a business is assumed to operate in definitely unless it is known otherwise?	500 Everything What accounts go on a trail balance?

Accounting 11

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