JEOPARDY Click Once to Begin The Accounting Cycle
JEOPARDY! Click Once to Begin The Accounting Cycle Template by Bill Arcuri, WCSD
JEOPARDY! The Basics “Conceptually” AAA Great Form Relocate & Rearrange Pot Luck Speaking All About Accounts 100 100 100 200 200 200 300 300 300 400 400 400 500 500 500 Template by Bill Arcuri, WCSD
The account used to summarize the owner’s equity in the business Answer Template by Bill Arcuri, WCSD
A business owned by one person Answer Template by Bill Arcuri, WCSD
An amount owed by a business Answer Template by Bill Arcuri, WCSD
An equation showing the relationship among assets, liabilities and Owner’s Equity Answer Template by Bill Arcuri, WCSD
Contributes to increases in owner’s equity resulting from the operation of a business Answer Template by Bill Arcuri, WCSD
Applies when financial records for a business and for its owner’s personal belongings are not mixed Answer Template by Bill Arcuri, WCSD
Applies when financial statements at the end Daily Double!!! of each fiscal period are prepared Answer Template by Bill Arcuri, WCSD
Applies when a source document is prepared for each transaction Answer Template by Bill Arcuri, WCSD
Applies when the same accounting procedures are followed in the same way in each accounting period. Answer Template by Bill Arcuri, WCSD
Applies when expenses incurred to earn revenue are reported in the same fiscal period in which the revenue is earned and reported Answer Template by Bill Arcuri, WCSD
A list of accounts used by a business Answer Template by Bill Arcuri, WCSD
Used to accumulate information until it is transferred to the owner’s capital account Answer Template by Bill Arcuri, WCSD
Accumulated depreciation is increased by a debit or credit Answer Template by Bill Arcuri, WCSD
Money taken out of the business for the owner’s personal use are recorded in this account and cash Answer Template by Bill Arcuri, WCSD
A special account that does not have a normal increase side. Answer Template by Bill Arcuri, WCSD
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements Answer Template by Bill Arcuri, WCSD
Reports assets, liabilities and owner’s equity on a specific date Answer Template by Bill Arcuri, WCSD
A proof of the equality of debits & credits on in a general ledger Answer Template by Bill Arcuri, WCSD
At the end of the fiscal period, the balances of each revenue account and each expense account are transferred directly to the Answer Template by Bill Arcuri, WCSD
A financial statement that includes four sections: Heading, Revenue, Expenses, Net Income/Loss Answer Template by Bill Arcuri, WCSD
Transferring information from a journal entry to a general ledger account Answer Template by Bill Arcuri, WCSD
The last step in the posting procedure Answer Template by Bill Arcuri, WCSD
Separate amounts from this column of the journal are posted individually Answer Template by Bill Arcuri, WCSD
The purpose of preparing an Income Statement Answer Template by Bill Arcuri, WCSD
A company receives cash as an advance payment on equipment rental. Which account would be credited? Answer Template by Bill Arcuri, WCSD
A record showing the increases or decreases as well as the balance of a specific asset, liability, equity, revenue, or expense Answer Template by Bill Arcuri, WCSD
An accounting device used to analyze transactions Answer Template by Bill Arcuri, WCSD
Calculated by subtracting the income statement DR column total from the income statement CR column total Answer Template by Bill Arcuri, WCSD
When assets are purchased they should be recorded at their Answer Template by Bill Arcuri, WCSD
The method of depreciation requires you to take the total cost and divide it by the assets useful life is known as Answer Template by Bill Arcuri, WCSD
Answers The Basics “Conceptually” Speaking AAA All About Accounts Great Form Relocate & Rearrange Pot Luck Capital Business Entity Concept Chart of Accounts Work Sheet Posting Ledger Account Proprietorship Accounting Period Cycle *Slide does not work Temporary Accounts Balance Sheet The last step in the posting procedure T-Account Liability Objective Evidence Credit Trial Balance General Amount Columns Net Income Accounting Equation Consistent Reporting Drawing Income Summary Sales, Cash DR and Cash CR Historical or original cost Revenue Matching Expenses with Revenue Income Summary Income Statement Unearned Revenue Straight Line Depreciation Template by Bill Arcuri, WCSD
Capital Template by Bill Arcuri, WCSD
Proprietorship Template by Bill Arcuri, WCSD
Liability Template by Bill Arcuri, WCSD
Accounting Equation Template by Bill Arcuri, WCSD
Revenue Template by Bill Arcuri, WCSD
Business Entity Concept Template by Bill Arcuri, WCSD
Accounting Period Cycle Template by Bill Arcuri, WCSD
Objective Evidence Template by Bill Arcuri, WCSD
Consistent Reporting Template by Bill Arcuri, WCSD
Matching Expenses with Revenue Template by Bill Arcuri, WCSD
Chart of Accounts Template by Bill Arcuri, WCSD
Temporary Accounts Template by Bill Arcuri, WCSD
Crediting the account Template by Bill Arcuri, WCSD
Drawing Template by Bill Arcuri, WCSD
Income Summary Template by Bill Arcuri, WCSD
Work Sheet Template by Bill Arcuri, WCSD
Balance Sheet Template by Bill Arcuri, WCSD
Trial Balance Template by Bill Arcuri, WCSD
Income Summary Template by Bill Arcuri, WCSD
Income Statement Template by Bill Arcuri, WCSD
Posting Template by Bill Arcuri, WCSD
Write the account number in the Post. Ref. Column of the Journal Template by Bill Arcuri, WCSD
General Amount Columns Template by Bill Arcuri, WCSD
To report the net income or net loss Template by Bill Arcuri, WCSD
Unearned Revenue Template by Bill Arcuri, WCSD
Ledger Account Template by Bill Arcuri, WCSD
T-Account Template by Bill Arcuri, WCSD
Net Income Template by Bill Arcuri, WCSD
Historical or original cost Template by Bill Arcuri, WCSD
Straight Line Depreciation Template by Bill Arcuri, WCSD
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