Post on 01-Apr-2015
Accounting JeopardyAccounting JeopardyCentury 21 AccountingCentury 21 Accounting
Chapter 6Chapter 6by Mrs. Saylorby Mrs. Saylor
Accounting Jeopardy
Accounting Concepts
General & Adjustments
Work SheetCorrecting
Errors
100 100 100 100200 200 200 200300 300 300 300400 400 400 400500 500 500 500
Credits
Century 21 Accounting
That’s all folks.
Exit
Accounting Concepts $100
Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept.
Accounting Concepts $100
What is True?
Accounting Concepts $200
The accounting concept Consistent Reporting is being applied when a word processing service business reports revenue per page one year and revenue per hour the next year.
Accounting Concepts $200
What is False?The reporting needs to be
the same for every year. Use revenue per page every year.
Accounting Concepts $300
Following the same accounting procedures in the same way in each accounting period is an application of the accounting concept _____ _____.
Accounting Concepts $300
What is Consistent Reporting ?
Accounting Concepts $400
Reporting changes in financial information for a specific period of time in the form of financial statements is an application of the accounting concept _____ _____ _____.
Accounting Concepts $400
What is Accounting Period Cycle?
Accounting Concepts $500Recording Revenue from
business activities and expenses associated with earning that revenue in the same accounting period is an application of the accounting concept _____ _____ _____ _____.
Accounting Concepts $500
What is Matching Expenses With
Revenue?
General & Adjustments $100
Many businesses choose a one-year fiscal period that ends during a period of high business activity.
General & Adjustments $100
What is False?Choose a fiscal period
that ends during a period of LOW business activity.
General & Adjustments $200
The balance of the supplies account plus the value of the supplies on hand equals the up-to-date balance of the supplies account.
General & Adjustments $200
What is False?The balance of the supplies
account less the value of the supplies used up equals the up-to-date balance of the supplies account.
General & Adjustments $300
The value of the prepaid insurance coverage used during a fiscal period is an expense.
General & Adjustments $300
What is True?The account is Insurance
Expense.
General & Adjustments $400
Financial information may be reported any time a business needs it.
General & Adjustments $400
What is True?
General & Adjustments $500
The two accounts affected by the adjustment for insurance are Prepaid Insurance Expense and Insurance.
General & Adjustments $500
What is False?The two accounts affected
by the adjustment for insurance arePrepaid Insurance and Insurance Expense.
Work Sheets $100
When the Income Statement Credit column total is greater than the Income Statement Debit column total on a work sheet, the business has a net income.
Work Sheets $100
What is True?
Work Sheets $200
If an amount is written in an incorrect column on a work sheet, the error should be erased and the amount should be written in the correct column.
Work Sheets $200
What is True?
Work Sheets $300
On a work sheet, the balance of the owner’s capital account is extended to the _____ _____ _____ column.
Work Sheets $300
What is Balance Sheet Credit?
Work Sheets $400
A net loss is entered in the work sheet’s _____ _____ Credit and _____ _____ Debit columns.
Work Sheets $400
What is Income Statement Credit
&
Balance Sheet Debit
Work Sheets $500
On a work sheet, the balance of an expense account is extended to the _____ _____ _____ column.
Work Sheets $500
What is Income Statement Debit ?
Correcting Errors $100
If the Trial Balance columns are not equal and the difference is $50.00, the error most likely is a $25.00 amount written in the wrong column.
Correcting Errors $100
What is True?
Correcting Errors $200
If the Trial Balance columns are not equal and the difference is 1, the error most often is in _____.
Correcting Errors $200
What is Addition?
Correcting Errors $300
If the difference between the totals of Debit and Credit columns on a work sheet can be evenly divided by 9, then the error is most likely in addition.
Correcting Errors $300
What is False?The error is a number
transposed ($54.00 instead of $45.00) or a number slide ($100 instead of $1,000).
Correcting Errors $400
If there are errors in the work sheet’s Trial Balance columns, it might be because not all general ledger account balances were copied in the Trial Balance columns correctly.
Correcting Errors $400
What is True?
Correcting Errors $500If a pair of work sheet
columns do not balance and the difference between the totals is an amount that appears elsewhere on the work sheet, the error is probably an amount that has not been _____.
Correcting Errors $500
What is Extended?