Agbs Unit 2 Jeopardy Template

Assets	Liabilities	Accounts	Revenues & Expenses	Transaction Analysis
100 True True or False Items purchased by the farm and expected to earn money for the farm are known as Assets	100 False True or False Liabilities are financial obligations owed to the Farm Business	100 Records of the activities involving all financial statement items What is the formal definition of an Account?	100 Revenues The amount of money earned by the farm operation from operating activities is known as what?	100 Source Documentation A receipt is an example of what in Transaction Analysis?
200 False True or False Non-Farm Income is an Asset Account	200 A liability that is expected to be paid off in less than a year is known as what? Current Liability	200 False True or False Accounts only list the increases of that item	200 Expenses What are the costs of operating the farm for the year?	200 False True or False In transaction analysis, one account must increase and one account must decrease
300 Non-Current Assets Assets Expected to last for longer are known as what	300 False True or False Owner Withdrawals is a Current Liability	300 The Account Balance Along with providing the Increases and Decreases of the items, what else do Accounts Provide?	300 False True or False On our Chart of Accounts, Revenues are represented by the 6000's	300 2 What is the minimum number of accounts involved in every transaction?
400 Current Asset What type of Asset is Cash?	400 Non-Current Liability A property mortgage is an example of what type of Liability	400 Chart of Accounts or Appendix C Where would we find the types of Accounts along with the Names of the Accounts?	400 False True or False Accounts Payable is an Expense Account	400 True True or False If a transaction affects an accounts balance it must be recorded
500 1000's On our chart of Accounts which numbers represent our Asset accounts?	500 2000 Which numbers represent Liabilities on our Chart of Accounts	500 The Ledger What is known as the collection of all our accounts, Each account being given its own page (Not our Chart of Accounts)	500 5000,6000,7000 Which number groups represent Expenses on our Chart of Accounts?	500 False True or False Debit= Increase Credit= Decrease

AGBS Unit 2

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