Powerpoint JeopardyPowerpoint Jeopardy

By Chuck Martucci, Rockville High SchoolBy Chuck Martucci, Rockville High School

-Can be integrated on a smartboard-Can be integrated on a smartboard-Includes Jeopardy sound clip-Includes Jeopardy sound clip-For more information, contact-For more information, contactcharles.martucci@vernonct.orgcharles.martucci@vernonct.org

Jeopardy!!Jeopardy!!

Jeopardy!Jeopardy!

100100 100100 100100 100100 100100

200200 200200 200200 200200 200200

300300 300300 300300 300300 300300

400400 400400 400400 400400 400400

500500 500500 500500 500500 500500

Answer:Answer:This principle requires the matching of This principle requires the matching of

revenues earned during an accounting period revenues earned during an accounting period with the expenses incurred to produce the with the expenses incurred to produce the

revenues.revenues.Click HereClick Here

Answer:Answer:

This account carries the same This account carries the same number as the related asset number as the related asset account but with a “.1” suffixaccount but with a “.1” suffix

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Answer:

The difference between the asset account and its related accumulated

depreciation account. The value reflected by the accounting records.

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Answer:Answer:

A depreciation method in which the A depreciation method in which the depreciable cost is divided by the estimated depreciable cost is divided by the estimated

useful life.useful life.Click HereClick Here

True or False:

The income statement reports earnings on a specific date.

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Answer:Answer:

Matching the cost of an asset with Matching the cost of an asset with the revenue it is expected to the revenue it is expected to

produce.produce.

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Answer:Prepare the Trial BalancePrepare the AdjustmentsPrepare the Adj. Trial Bal. Extend Adjusted Balances Click Here

True or False:True or False:True or False:True or False:

The owner’s equity account in the last two columns on The owner’s equity account in the last two columns on the work sheet is an up-to-date account and includes net the work sheet is an up-to-date account and includes net

income and withdrawals of the current period.income and withdrawals of the current period.Click HereClick Here

Answer:Answer:

This is what the income statement This is what the income statement reports.reports.

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True or False:

The matching concept offers the best measure of net income.

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True or False:True or False:

The historical cost principle allows for The historical cost principle allows for assets to be recorded at actual cost.assets to be recorded at actual cost.

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True or False:

A contra-asset is used with a related account to bring about an increase in the net amount of the two account balances.Click Here

Answer:

The second pair of columns on a 10-column work sheet prepared at the end of the period would be :Click Here

Solve:If the book value of an asset is $12,300

and the accumulated depreciation is $2,700 the original cost of the asset would

be….Click Here

Answer:

The fourth pair of columns on a 10-column work sheet prepared at the end of the period would be:Click Here

Answer:Answer:

The adjusting entry for the The adjusting entry for the depreciation expense of office depreciation expense of office equipment for the period would equipment for the period would be:be:Click HereClick Here

DAILY DOUBLE!Solve:

Owner’s equity at the start of the period is $38,000; net income for the period is $40,000; investments by the owner is

$15,000; and withdrawals by the owner is $20,000. The owner’s equity at the end of the period is…

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Answer:

When posting an adjusting entry to the general ledger, write..Click Here

True or False:True or False:A contra-asset has a debit A contra-asset has a debit

balance.balance.

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DAILY DOUBLE!DAILY DOUBLE!

Answer:Answer:

Herb PowellHerb Powell

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Answer:Answer:

A computer workstation cost $28,000 has an A computer workstation cost $28,000 has an expected life of 5 years and an expected expected life of 5 years and an expected

salvage value of $3,000. Depreciation expense salvage value of $3,000. Depreciation expense using the straight-line method will be per year.using the straight-line method will be per year.

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Solve:

An asset cost $33,000. It has an expected useful life of 5 years and an expected salvage value of $3,000. Depreciation expense for the first year of the asset’s life using the straight-line method is..Click Here

Answer:Answer:

Adjusting Entries affect these Adjusting Entries affect these accounts:accounts:Click HereClick Here

Answer:

Column 7’s Balance is larger than Column 8’s Column 10’s Balance is larger than Column 9’s

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