Jeopardy MONEY By Antonella Maccarone December 2004 Jeopardy

Jeopardy MONEY By Antonella Maccarone December 2004

Jeopardy Vocabulary Analyzing the Effect of Transactions Analyzing Accounting Practices Forms of Business 100 100 200 200 300 300 400 400 500 500

Credits n That’s all folks. Exit

Vocabulary $100 AN AMOUNT OWED BY A BUSINESS

Vocabulary $100 What is a liability?

VOCABULARY $200 AN EQUATION SHOWING THE RELATIONSHIP AMONG ASSETS, LIABILITIES, OR OWNER’S EQUITY

Category 1 $200 WHAT IS THE ACCOUNTING EQUATION

VOCABULARY $300 A business owned by one person

VOCABULARY $300 WHAT IS A SOLE PROPRIETORSHIP?

VOCABUALRY $400 THE SIDE OF THE ACCOUNT THAT IS INCREASED

VOCABULARY $400 WHAT IS THE NORMAL BALANCE?

VOCABULARY $500 A SALE FOR WHICH CASH WILL BE RECEIVED AT A LATER DATE

VOCABULARY $500 WHAT IS A SALE ON ACCOUNT?

Transactions $100 RECEIVED CASH FROM SALES

$100 WHAT IS CASH IS INCREASED AND CAPITAL IS INCREASED?

$200 SOLD SERVICES ON ACCOUNT TO KIDS TIME

Category 2 $200 WHAT IS ACCOUNTS RECEIVABLE IS INCREASED AND CAPITAL IS INCREASED?

$300 PAID CASH FOR RENT

$300 WHAT IS CASH IS DECREASED AND CAPITAL IS DECREASED? OR RENT EXPENSE INCREASED

$400 PAID CASH TO OWNER FOR PERSONAL USE

$400 WHAT IS CASH IS DECREASED AND DRAWING IS INCREASED/ OR CAPITAL IS DECREASED

$500 RECEIVED CASH ON ACCOUNT FROM KIDS TIME

Tranactions $500 What is cash is debited and accounts receivable is credited

$100 WHEN A BUSINESS RECEIVES REVENUE SALES IS

$100 WHAT IS INCREASED BY A CREDIT?

$200 WHEN THE OWNER WITHDRAWS CASH THE OWNER’S DRAWING ACCOUNT IS

$200 WHAT IS INCREASED BY A DEBIT?

$300 WHEN you receive cash from sales the sales account is

$300 WHAT IS INCREASED BY A CREDIT?

$400 WHEN YOU PAY CASH FOR INSURANCE IS

$400 WHAT IS INSURANCE IS INCREASED ON THE DEBIT SIDE

$500 WHEN YOU PAY CASH ON ACCOUNT TO LING MUSIC SUPPLIES , CASH IS

$500 WHAT IS CASH IS DECREASED ON TE CREDIT SIDE

Category 4 $100 A BUSINESS OWNED BY ONE PERSON

$100 WHAT IS A SOLE PROPRIETORSHIP?

$200 AN ORGANIZATION WITH THE LEGAL RIGHTS OF A PERSON AND WHICH MAY BE OWNED BY MANY PEOPLE

$200 WHAT IS A CORPORATION?

$300 A BUSINESS IN WHICH TWO OR MORE PERSONS COMBINE THEIR ASSETS AND SKILLS

$300 WHAT IS A PARTNERSHIP?

$400 UNLIMITED LIABILITY

$400 WHAT IS A CORPORATION?

$500 WHO SHOT HIS FRIEND ON A HUNTING TRIP?

$500 WHO IS VICE PRESIDENT CHENEY?