Post on 13-Jan-2016
JeopardyTemplateJeopardyTemplate
By Christa LapointeChapter 4
JeopardyJeopardy
Category1 Category2 Category3 Category4
100 100 100 100
200 200 200 200
300 300 300 300
400 400 400 400
500 500 500 500
CreditsCredits
That’s all folks.
Exit
Category 1 $100Category 1 $100
First step in the accounting cycle
Category 1 $100Category 1 $100
ORIGINATING DATA
Category 1 $200Category 1 $200
Second step in the accounting cycle
Category 1 $200Category 1 $200
JOURNALIZING
Category 1 $300Category 1 $300
Third step in the accounting cycle
Category 1 $300Category 1 $300
POSTING
Category 1 $400Category 1 $400
What is the fourth step in the accounting cycle
Category 1 $400Category 1 $400
TRIAL BALANCE
Category 1 $500Category 1 $500
Transferring debit and credits from the journal to the ledger.
Category 1 $500Category 1 $500
POSTING
Category 2 $100Category 2 $100
Checking to see if the debits and credits equal at the bottom of a journal page.
Category 2 $100Category 2 $100
JOURNAL PROOF
Category 2 $200Category 2 $200
An entry that involves more than two entries is known as a ________________ entry.
Category 2 $200Category 2 $200
COMPOUND
Category 2 $300Category 2 $300
101-199 201-299
Category 2 $300Category 2 $300
ASSETS LIABILITIES
Category 2 $400Category 2 $400
Book of Original Entry
Category 2 $400Category 2 $400
JOURNAL
Category 2 $500Category 2 $500
Book of Secondary Entry/Final Entry
Category 2 $500Category 2 $500
LEDGER
Category 3 $100Category 3 $100
What is the last step in the posting process.
Category 3 $100Category 3 $100
POST REFERENCE
Category 3 $200Category 3 $200
Rules for using dates in the date column
Category 3 $200Category 3 $200
2009 Nov. 8 22 Dec. 1 2
Category 3 $300Category 3 $300
A summary of the balances of the ledger accounts is known as a ___________________.
Category 3 $300Category 3 $300
TRIAL BALANCE
Category 3 $400Category 3 $400
Documents that give evidence that a transaction took place.
Category 3 $400Category 3 $400
SOURCE DOCUMENTS
Category 3 $500Category 3 $500
The GAAP used by accountants to prove that a business transaction did occur.
Category 3 $500Category 3 $500
OBJECTIVITY PRINCIPLE
Category 4 $100Category 4 $100
Revenue and Capital have a _________ balance.
Expenses and Drawings have a _________ balance.
Category 4 $100Category 4 $100
CREDIT DEBIT
Category 4 $200Category 4 $200
A list of all accounts of the business with their account numbers is called the _____________.
Category 4 $200Category 4 $200
CHART OF ACCOUNTS 101-199 assets 201-299 liabilities 301-399 owner’s equity 401-499 revenue 501-599 expenses
Category 4 $300Category 4 $300
Examples of source documents
Category 4 $300Category 4 $300 SALES INVOICE – providing a sale / revenue PURCHASE INVOICE – received when buying
something REMITENCE SLIP – receipt when a cheque comes in DEPOSIT SLIP – what you get from the bank when
depositing money CHEQUE STUB – show where and how much every
cheque is for OPENING BALANCE SHEET – beginning of a business
Category 4 $400Category 4 $400
Advantages of journals
Category 4 $400Category 4 $400
CHRONOLOGICAL ORDER EQUIALITY CHECKS
Category 4 $500Category 4 $500
Expense Principle Revenue Principle Entity Concept Matching Principle
Category 4 $500Category 4 $500 RECOGNIZE EXPENSES AND REVENUE
WHEN IT TAKES PLACE, NOT WHEN MONEY CHANGES HANDS
ENTITY – DIFFERENCE BETWEEN PERSONAL AND BUSINESS ACCOUNTS
MATCHING – COMPARING REVENUE AND EXPENSES FOR THE SAME ACCOUNTING PERIOD
Double JeopardyDouble Jeopardy
General Journal Personal investment of 20 000 from Lapointe
into the business. (deposit slip) Bought a truck for 10 000 on account from MJ
Ford (purchase invoice 212)Post to the General Ledger Accounts needed: cash (101), capital (301),
truck (109) and acc.pay./MJ Ford (202)