Comprehensive
Problem
Chapters 1-3
*Chapters 4-6*
Chapters 7-9
100
You get 20 points for doing this durn thing and you'll also learn something.
What is Comprehensive Problem 1?
100
The amount Bob Night invested to start his business.
What is $90,000?
100
The acronym for "the rules of accounting".
What is GAAP? (Generally Accepted Accounting Principles)
100
This is where transactions are first recorded.
What is the general journal?
100
This account primarily represents the activity in the business checking account.
What does the Cash account represent in Accounting?
200
The General's Favorite Fishing Hole.
What is the name of the Comprehensive Problem 1 business?
200
The revenue account used to record receipt of camper's registration fees.
What is Account 401 Registration Fees?
200
The acronym for who makes "the rules of accounting".
What is FASB (Financial Accounting Standards Board)
200
This is where journal entries are posted.
What is the general ledger?
200
Reconciles the checkbook balance with the account balance at the bank.
What is a bank reconciliation?
300
The "official" amount of time students should plan for completing Comprehensive Problem 1.
What is 3 or 4 hours?
300
The amount of the adjusting entry to record expired insurance.
What is $1,500?
300
The 3 financial statements that are prepared.
What are the Income Statement, Statement of Owner's Equity and the Balance Sheet?
300
This is where adjustments are made to certain accounts in order to prepare the financial statements.
What is the 10 column work sheet?
300
Someone who works independently and is not considered an employee.
What is an independent contractor?
400
The accounts in which to record the initial payments for and puchases of Office Supplies, Food Supplies, and Insurance. ****Daily Double****
What are Office Supplies (account number 142), Food Supplies (account number 144) and Prepaid Insurance (account number 145)?
400
The work paper where adjustments are entered and account balances calculated for preparation of the financial statements.
What is the 10 column work sheet?
400
These increase assets, expenses and the drawing account and reduce liabilities, owner's capital and revenue accounts. ***Daily Double***
What are debits?
400
These are prepared to close the books and get ready for the next period accounting process.
What are closing entries?
400
The form used to assemble the data at the end of a payroll period.
What is a payroll register?
500
The number of transactions that do not involve the Cash account (Hint-count 'em).
What is 7?
500
This is the reason for preparing a post-closing trial balance.
What is to make sure the books are in balance before starting the accounting process for the next period?
500
These increase liability, owner's capital and revenue accounts and decrease assets, expenses and the drawing account.
What are credits?
500
The name for the 10 steps involved in accounting for business activities during an accounting period.
What is the Accounting cycle?
500
A separate record of each employee's earnings.
What is an Employee Earnings Record?
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