1 Accounting Jeopardy Unit 1

2 Accounting Jeopardy 100 200 300 400 500 Basic TermsAccounting Equation Transactions Principles 100 200 300 400 500

3 That’s all folks Exit

4 Terms $100 One owner

5 What is a sole proprietorship?Terms $100 What is a sole proprietorship?

6 Terms $200 More than one owner.

7 Terms $200 What is a partnership?

8 Terms $300 Owned by stockholders.

9 Terms $300 What is a corporation?

10 A person who starts his own business.Terms $400 A person who starts his own business.

11 What is an entrepreneur?Terms $400 What is an entrepreneur?

12 Money invested by the owner.Terms $500 Money invested by the owner.

13 Terms $500 What is capital? What is an investment?

14 Accounting Equation $100 Accounting equation.

15 What is: Assets = Liabilities + Owners Equity?Accounting Equation $100 What is: Assets = Liabilities + Owners Equity?

16 Something owned by a company.Accounting Equation $200 Something owned by a company.

17 Accounting Equation $200 What is an asset?

18 Accounting Equation $300 Something owed.

19 Accounting Equation $300 What is a liability?

20 An event that changes either an increase or decrease in an account.Accounting Equation $400 An event that changes either an increase or decrease in an account.

21 Accounting Equation $400 What is a transaction?

22 Claim to the assets of a company.Accounting Equation $500 Claim to the assets of a company.

23 Accounting Equation $500 What is equity?

24 Income earned from the sale of goods or services?Transactions $100 Income earned from the sale of goods or services?

25 Transactions $100 What is a revenue?

26 The price paid for goods and services used to operate a business.Transactions $200 The price paid for goods and services used to operate a business.

27 Transactions $200 What is an expense?

28 Two or more accounts must always be affected.Transactions $300 Two or more accounts must always be affected.

29 Transactions $300 What is duel entry?

30 Transactions $400 Cost of assets consumed or services used in the processing of earning revenue.

31 Transactions $400 What is an expense.

32 Money used for personal use by the owner.Transactions $500 Money used for personal use by the owner.

33 What is a withdrawal? Or drawing account.Transactions $500 What is a withdrawal? Or drawing account.

34 A business exist separate for the owner’s personal finances.Principles $100 A business exist separate for the owner’s personal finances.

35 What is accounting principle of business entity?Principles $100 What is accounting principle of business entity?

36 Principles $200 Describes asset valuation that are factual and can be verified by independent experts.

37 What is the objectivity principle.Principles $200 What is the objectivity principle.

38 Assumption that a business will survive and operate indefinitely.Principles $300 Assumption that a business will survive and operate indefinitely.

39 What is the accounting assumption of going concern?Principles $300 What is the accounting assumption of going concern?

40 Principles $400 Two accounts.

41 Every transaction involves at least how many accounts?Principles $400 Every transaction involves at least how many accounts?

42 Business’s economic events recorded by accountants.Principles $500 Business’s economic events recorded by accountants.

43 Principles $500 What is a transaction