Double Jeopardy

Statements

100

This type of statement has to do with any changes in retained earnings for a company.

Statement of retained earnings

200

Preparing your "Blank" entries has to do with finalizing your journal and transferring temporary account balances to permanent balances

Closing

300

This statement shows revenues and expenses for a company during a specific period. It's also known as a profit and loss statement

Income Statement

400

Statement of (Blanks) has three categories that we have covered

Cash Flows

500

These are the three categories that go into a statement of Cash Flows: 

Financing, Investing, and Operations

Math and Practice

100

Revenue - Expenses = (Blank)

Net Income

200

Complete the example Income statement on the board:

Rent is $50,000, Utility Bill is $10,000, Salaries cost $4 Million. 

Non-Operating Income Investment Returns are $3.5M, and Service Revenue is $6 Million

Be sure to organize your Rev's and Expenses. Include the net profit or net loss

300

Mr. Lee pays off $260 of his credit card bill, the accounts are Cash and Accounts Payable. Complete this on the board

Complete

400

7/11 pays $50 Million in profit shares to its stockholders from a year's Net Income. The Accounts are Net Income and Owner Equity

Do on board

500

Complete the Income Statement on the board

Will check to see

Terms

100

accounting rule where at least two accounts are always affected by every  transaction; at least one account must be on the debit side and one account  must be on the credit side is known as the (Blank) Entry System/Rule

Double

200

Money owed by a company is known as a company's: 

Liabilities

300

Value of stockholder's claims to a business has to do with: 

Stockholder/Shareholder/Owner Equity

400

 The balance an account type is always expected to have (it means the account is increasing in its value)

Normal Balance

500

Owned company resources that have value to a company are called: 

Assets

Steps 1-5

100

Step 1 in the Accounting Cycle is to (Blank) transactions

Analyze

200

Step 2 is to Record (Blank) entries

Journal

300

Step 3 is (blank) ledger account entries

Post

400

Step 4 is to arrive at a unadjusted (blank) balance

Trial

500

Step 5 is (Blank) and (Blank) adjusting entries

Record and Post

Steps 6-9 Plus Silly Time

100

Step 6 is to arrive at an adjusted (Blank) balance

Trial

200

Step 7 is Prepare worksheets and financial (blanks) 

Statements

300

Step 8 is to (blank) the accounts

Close

400

Step 9 is considered the optional step but it is to arrive at a post (blank) trial balance)

Closing

500

Who beat the Yankees last night (Oct 8)?

The Blue Jays