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Accounting JeopardyAccounting JeopardyGlencoe AccountingGlencoe Accounting
Chapters 2-3Chapters 2-3
By Carl Lyman
© December 2001
Accounting Jeopardy
Basic TermsAccounting Equation
Transactions Principles
100 100 100 100200 200 200 200300 300 300 300400 400 400 400500 500 500 500
Credits
Glencoe Accounting. Glencoe/McGraw-Hill. 2000.
That’s all folks.Exit
Terms $100
One owner
Terms $100
What is a sole proprietorship?
Terms $200
More than one owner.
Terms $200
What is a partnership?
Terms $300
Owned by stockholders.
Terms $300
What is a corporation?
Terms $400
A person who starts his own business.
Terms $400
What is an entrepreneur?
Terms $500
Money invested by the owner.
Terms $500
What is capital?What is an investment?
Accounting Equation $100
Accounting equation.
Accounting Equation $100
What is: Assets = Liabilities + Owners Equity?
Accounting Equation $200
Something owned by a company.
Accounting Equation $200
What is an asset?
Accounting Equation $300
Something owed.
Accounting Equation $300
What is a liability?
Accounting Equation $400
An event that changes either an increase or decrease in an account.
Accounting Equation $400
What is a transaction?
Accounting Equation $500
Claim to the assets of a company.
Accounting Equation $500
What is equity?
Transactions $100
Income earned from the sale of goods or services?
Transactions $100
What is a revenue?
Transactions $200
The price paid for goods and services used to operate a business.
Transactions $200
What is an expense?
Transactions $300
Left side of a transaction.
Transactions $300
What is a debit?
Transactions $400
Increasing side of a liability.
Transactions $400
Which side is the credit side?
Transactions $500
Money used for personal use by the owner.
Transactions $500
What is a withdrawal?
Principles $100
A business exist separate for the owner’s personal finances.
Principles $100
What is accounting principle of business entity?
Principles $200
A uniform period of time for reporting business financial information.
Principles $200
What is an accounting period?
Principles $300
Assumption that a business will survive and operate indefinitely.
Principles $300
What is the accounting assumption of going concern?
Principles $400
Two accounts.
Principles $400
Every transaction involves at least how many accounts?
Principles $500
Debits = Credits.
Principles $500
What is the equity of accounts?
