Accounting Jeopardy

Misc.

100

A business in which two or more persons combine their assets is called a(n)

Partnership

200

These two things belong on an Income Statement:

a.Assets and Liabilities

b.Debit and Credit

c.Revenue and Expenses

d.Revenue and Liabilities

C. Revenue and Expenses

300

A statement that lists the assets, liabilities, and owner’s equity

Balance Sheet

400

A person who plan, summarize, analyze, and interpret accounting information are called

Accountant

500

What does CPA stand for?

1. Certified Public Accountant

2. Certified Private Accountant

3. Current Public Accountant

4. Current Public Agency 

Certified Public Accountant

Chapter 2/3

100

Property or items of value owned by a business

Assets

200

Department stores,  car dealers, supermarkets, drug stores and hobby shops are all examples of what type of business operation ?

Merchandising Business

300

A business owned by one person

Sole Proprietorship

400

Assets = Liabilities + Owner's Equity

Accounting Equation

500

When a business buys an item on credit

ON ACCOUNT

Assets, Liabilities and Equity

100

Indicate the classification for the account :

Cash 

Asset

200

Indicate the classification for this account:

Capital

Owner's Equity

300

Money that is owed is _______

a) Accounts Payable

b)Accounts Receivable

c)Asset

d)Equity

Accounts Payable

400

Which is not an Asset ?

a. Cash in Bank

b. Accounts Receivable

c. Accounts Payable

d. Building

Accounts Payable

500

■Assets = 25,500

■Liabilities = ?

■Equity = 13,600

Liabilities = 11, 900

A – E = L

25,500- 13,600 = 11,900

Transactions

100

Money that you will receive from someone later

Accounts Receivable

200

What two accounts are affected:

■Crista took 50,000 from her savings and opened a business account

Cash in Bank and Capital

300

■The accounts affected when an owner took 2 telephones from her home and transferred to her business :

a.Cash and Equipment

b.Equity and Cash

c.Office Equipment and Capital

d.Assets and Liabilities

Office Equipment and Capital

400

■What two accounts are affected :

Ashley bought a truck on account from Leslie Auto for 12,000

Delivery Equipment and Accounts Payable

500

What two accounts affect this transaction:

Zip sold one phone on account to Green Company

Accounts Receivable and Office Equipment

Bonus

100

Which school did Ms. Leonard attend

Howard University

200

Debit is on what side of the T-Account 

Left Side

300

What is the debit and credit for this transaction:

Zip issued a check for $4,000 to purchase a computer system

Debit - Computer Equipment

Credit - Cash in Bank 

400

■What two accounts are affected:

Zip wrote a check for $700 to pay for advertising expense.

Cash in Bank and Capital

500

These two items go on the income statement

Revenue and Expenses