Accounting Jeopardy Glencoe Accounting Chapters 1.
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Transcript of Accounting Jeopardy Glencoe Accounting Chapters 1.
![Page 1: Accounting Jeopardy Glencoe Accounting Chapters 1.](https://reader036.fdocuments.us/reader036/viewer/2022062409/5697bfce1a28abf838ca9b08/html5/thumbnails/1.jpg)
Accounting JeopardyAccounting JeopardyGlencoe AccountingGlencoe Accounting
Chapters 1Chapters 1
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Accounting Jeopardy
Basic TermsAccounting Equation
Transactions Principles
100 100 100 100200 200 200 200300 300 300 300400 400 400 400500 500 500 500
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Credits
Glencoe Accounting. Glencoe/McGraw-Hill. 2000.
That’s all folks.Exit
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Terms $100
Business owned by one person.
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Terms $100
What is a sole proprietorship?
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Terms $200
The name given to an account.
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Terms $200
What is an account title?
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Terms $300
Financial statement that reports assets, liabilities, and owner’s equity on a specific date.
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Terms $300
What is a balance sheet?
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Terms $400
A record summarizing all the information pertaining to a single item in the accounting equation.
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Terms $400
What is an account?
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Terms $500
Money invested by the owner.
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Terms $500
What is capital?What is an investment?
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Accounting Equation $100
Accounting equation.
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Accounting Equation $100
What is: Assets = Liabilities + Owners Equity?
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Accounting Equation $200
Something owned by a company.
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Accounting Equation $200
What is an asset?
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Accounting Equation $300
Something owed.
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Accounting Equation $300
What is a liability?
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Accounting Equation $400
A business that performs an activity for a fee.
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Accounting Equation $400
What is a service business?
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Accounting Equation $500
Claim to the assets of a company.
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Accounting Equation $500
What is equity?
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Transactions $100
Increase in cash and an increase in owner’s equity
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Transactions $100
What accounts are effected and how when cash is received from owner as an investment?
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Transactions $200
Decrease in cash and a decrease in Swan’s company.
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Transactions $200
What accounts are effected and how when cash is paid on account?
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Transactions $300
Supplies increase and Swans Company increases .
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Transactions $300
What accounts are effected and how when supplies are bought on account?
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Transactions $400
A business activity that changes assets, liabilities, or owner’s equity.
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Transactions $400
What is a transaction?
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Transactions $500
Results in an increase and decrease on the same side of an accounting equation.
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Transactions $500
What is paying cash for supplies or paying cash for prepaid insurance?
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Principles $100
A business exist separate for the owner’s personal finances.
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Principles $100
What is accounting principle of business entity?
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Principles $200
Applied when business transactions are stated in numbers that have common values.
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Principles $200
What is Unit of Measurement?
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Principles $300
Assumption that a business will survive and operate indefinitely.
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Principles $300
What is the accounting assumption of going concern?
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Principles $400
Two accounts.
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Principles $400
Every transaction involves at least how many accounts?
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Principles $500
The language of business
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Principles $500
What is accounting?