Chapter 1 Accounting Jeopardy Game

Vocab

100

The accounting equation is

What is assets = liabilities + owner's equity?

200

A amount that a company owes 

What is a liability?

300

Total Assets - Total Liabilities = 

What is net worth?

400

The process of planning, recording, analyzing, and interpreting financial statements 

What is accounting?

500

The cost of goods or services to operate a business

What is an expense?

A, L & OE

100

These are items owned that have monetary value

What are assets?

200

A = L + OE

What is the Accounting Equation?

300

The amount of liabilities if assets are $2,000 and owner's equity is $500

What is $1,500.

400

This is the difference between total assets and total liabilities.

What is Owner's Equity?

500

Account on the balance sheet that represents the amount owed for purchasing supplies on credit

What is Accounts Payable?

Is it A, L, or OE

100

Capital Account

What is owner's equity?

200

Cash

What is asset?

300

Accounts Payable

What is liability?

400

Anything Owned (supplies, for example)

What is an asset?

500

Accounts Receivable

What is asset?

+, -, nothing

100

Receiving cash for sales does what to equity?

What is +?

200

Paying cash on account does what to accounts payable?

What is -?

300

Buying prepaid insurance does what to equity?

What is nothing?

400

Selling goods on account does what to cash?

What is nothing?

500

The owner withdrawing cash does what to cash?

What is -?