Accounting Chapters 1 4 Jeopardy Template

Chapter 1	Chatper 2	Chapter 3	Chapter 4	Chapter 5
100 Define Sole proprietorship? A type of business organization that has one owner	100 Where does the debt and credit go on a T account? Debt goes on left and credit on the right	100 What is a calendar year? The 12-month period a business chooses for its accounting year	100 What is a worksheet? is to organize and check data for perparing financial statements necessary to complete the accounting cycle	100 What is an Income Summary? A temporary account in the ledger that summarizes revenue and expenses and transfers the balance
200 What is accounting? is a system that measures the activities of a business in financial terms.	200 What is a compound entry? A transaction involving more than one debtor or creditor	200 Discuss the concept of cross-referencing? is adding to the PR column of the journal the account number of the ledger account that is updated from the journal.	200 What is a historical cost? The actual cost of an asset at time of purchase	200 True/False After the adjustment is posted, the Supplies ledger account shows the amount on hand. True
300 What is an asset? Cash, land, supplies, other properties of valued owned by a firm	300 What are the five steps of the transaction analysis chart? Step 1: Accounts affected Step 2: Category Step 3: decrease and increase Step 4: Rules of Dr. and Cr. Step 5: Appearance of T accounts	300 True/False Biliing a company for services on account would result in a debit to cash. False - Biling a company for services on account would result in a debt to accounts receivable	300 True/False The normal balance of Accumulated Depreciation is a debit? False - The normal balance of Accumulated Depreciation is a credit	300 List the four step of closing process/ Step: Closing revenue accounts to Income Summary Step 2: Closing expense accounts to Income Summary Step 3: Close balance of Income Summary to Capital Step 4: Close balance of Withdrawals to Capital
400 True/False Account Payable is a liability. True	400 What is a trial Balance? A list of ending balances of all accounts in a ledger.	400 What is the difference between a transposition and a slide? Transposition is the accidental rearrangement of digits of a number and slide is the error that results in adding and deleting zeros in the writing of a number	400 True/False The old figure for Capital is on the worksheet, so Net Income must be brought over at the bottom to the balance sheet credit column so totals will balance. True	400 True/False Income Summary is a permanent account False - Income Summary is a temporary account
500 True/False Revenue inflows can only be in the form of cash. False - Revenue inflows can be in the form of cash and/or accounts receivable.	500 True/False Withdrawals are usually a credit balance on the trial balance False - Withdrawals are usually a debit balance on the trial balance	500 True/False Posting can only be done manually False - Posting is done by a computer	500 Define the tem accrued salaries? Salaries that are earned by employees but unpaid and unrecorded during the period	500 What is a permanent (real) account? Accounts whose balances are carried over to the next accounting period

Accounting Chapters 1-4

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