Accounting 1 Jeopardy

1

100

Record within an accounting system in which increases and decreases are entered and stored in a specific asset, liability, equity, revenue or expense

Account

200

Resources that are owned by the entity

Asset

300

Owner's claim on the assets of a business; equals the residual interest in an entity's assets after deducting liabilities

Equity

400

Financial statement that lists types and dollar amounts of assets, liabilities, and equity at a specific date

balance Sheet

500

Business that is a separate legal entity under state or federal laws with owners called shareholders or stockholders

Corporation

2

100

this increases asset and expense accounts but decreases liability and revenue accounts

debit

200

this deceases asset and expense accounts but increases liability and revenue accounts

credit

300

Corporations distributions of assets to its owners

dividends

400

Record in which transactions are entered before they are posted to ledger accounts

journal

500

Excess of expenses over revenues for a period

net loss

3

100

Process of recording transactions in a journal

journalizing

200

A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts

Posting Reference Column

300

Source of information for accounting entries that can be either paper or electronic form

source documents

400

Tool used to show the effects of transactions and events on individual accounts

t- accounts

500

Recurring steps performed each accounting period, starting with analyzing transactions and continuing through the post-closing trial balance

accounting cycle

4

100

Journal entry at the end of an accounting period to bring an asset or liability account to its proper amount and update the related expenses or revenue account

adjusting entries

200

Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, gain, expense, loss and withdrawal accounts to the capital account or retained earnings account

closing entries

300

Account linked with another account and having an opposite normal balance; reported as a subtraction from the other account's balance.

contra account

400

Cash and other assets expected to be sold, collected, or used within one year or the operating cycle, whichever is longer.

current assets

500

Obligations due to be paid or settled within one year or the company's operating cycle

current liabilities