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100
Jeopardy Style: Your answer should be the question... A financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is a Balance Sheet
100
Jeopardy Style: Your answer should be the question... The length of time for which a business summarizes and reports financial information.
What is a Fiscal Period
100
Jeopardy Style: Your answer should be the question... A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
What is a Work Sheet
100
Jeopardy Style: Your answer should be the question... A proof of the equality of debits and credits in a general ledger.
What is a Trial Balance
100
Jeopardy Style: Your answer should be the question... Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
What are Adjustments
200
How many columns are on a Work Sheet?
5
200
Jeopardy Style: Your answer should be the question... A financial statement showing the revenue and expenses for a fiscal period.
What is an Income Statement
200
Jeopardy Style: Your answer should be the question... When Revenue > Expenses
What is Net Income or Profit
200
True or False A fiscal period can begin on any date.
True
200
It is a good idea for a new businesses fiscal period to be (shorter/longer) than a normal fiscal period.
Shorter
300
What does the heading of a Work Sheet include?
Name of Company, Name of Report, and Date of Report
300
True or False A Work Sheet is a permanent accounting record
False - A Work Sheet is a planning tool and is not considered a permanent accounting record.
300
Information for the trial balance is taken from the...
General Ledger
300
True or False All the account titles are listed on a Trial Balance, even if some accounts do not have balances.
True
300
Tech-Know Consulting: Which accounts are adjusted at the conclusion of a fiscal period?
Supplies & Supplies Expense Prepaid Insurance & Insurance Expense
400
Supplies Account Balance, July 1st = $3,335 Supplies on Hand = $1,835 Supplies Used During July = $1,500 Given the above info, what accounts to you adjust? Are they debited or credited? How much?
Supplies Expense, Debit, $1,500 Supplies, Credit, $1,500
400
At the beginning of your 6-month Fiscal Period, you purchase insurance costing $2,400 which will cover you for the year. What is the amount you would adjust your Prepaid Insurance account when reporting at the end of your first fiscal period?
$1,200
400
How do you prove the adjustment column of a Work Sheet?
Proved by totaling the Debit and Credit column...if equal you're good. If not, you made a mistake.
400
TechKnow Consulting: Identify all accounts that have a "zero" balance in the Trial Balance column of a Work Sheet.
Income Summary, Insurance Expense, and Supplies Expense
400
If your Totals are below, what is your Net Income for the period? Assets = $21,000 Revenue = $6,000 Liabilities = $8,000 Owner's Equity = $13,000 Expenses = $7,000
You actually have a Net Loss of $1,000 for the period.
500
When two columns are not in balance on a Work Sheet, how do you begin the error checking process?
Subtract the smaller total from the larger total to find the difference
500
If the difference between two columns is 1, such as .01, .10, $1, or $10, the error is most likely...
in addition. To fix, add the columns again.
500
If the difference between two columns can be divided evenly by 2 or can be divided evenly by 9, you probably made this type of error...
Calculation Error
500
When the difference can be divided by 9 when checking for errors, what two things should you look for?
Transposed Numbers such as 45 written as 54 OR/AND a "slide," which would occur if $120 is recorded as $12 or $1,200.
500
When finding an error, what record do you check first? Second? Third?
First = Work Sheet Columns Second = General Ledger Accounts Third = General Journal