Mark E Damon All Rights Reserved Round Mark

© Mark E. Damon - All Rights Reserved

©Round Mark E. Damon - All. Round Rights Reserved 1 2 Final Jeopardy

© Mark E. Damon - All Rights Reserved Trans. 2 Vocab 2 Equation Trans. 1 $100 $100 Vocab 1 Round 2 Final Jeopardy Scores $300 $300 $500 $500

© Mark E. Damon - All Rights Reserved $100 This is anything of value that is owned.

© Mark E. Damon - All Rights Reserved $100 What is an asset? Scores

© Mark E. Damon - All Rights Reserved $300 This is the planning, recording, analyzing, and interpreting of financial information

© Mark E. Damon - All Rights Reserved $300 What is accounting? Scores

© Mark E. Damon - All Rights Reserved $500 This is a business owned by just one person

© Mark E. Damon - All Rights Reserved $500 What is a (sole) proprietorship? Scores

© Mark E. Damon - All Rights Reserved $100 This is the name given to an account

© Mark E. Damon - All Rights Reserved $100 What is an account title? Scores

© Mark E. Damon - All Rights Reserved

© Mark E. Damon - All Rights Reserved $300 This is the amount remaining after the value of all liabilities is subtracted from the value of all assets

© Mark E. Damon - All Rights Reserved $300 What is owner’s equity? Scores

© Mark E. Damon - All Rights Reserved $500 This is a business activity that changes assets, liabilities, or owner’s equity

© Mark E. Damon - All Rights Reserved $500 What is a transaction? Scores

© Mark E. Damon - All Rights Reserved $100 This is the accounting equation

© Mark E. Damon - All Rights Reserved $100 What is: Assets = Liabilities+ Owner’s Equity? Scores

© Mark E. Damon - All Rights Reserved $300 This must happen after every transaction regarding the accounting equation

© Mark E. Damon - All Rights Reserved $300 What is remain in balance (equal)? Scores

© Mark E. Damon - All Rights Reserved $500 This is an amount owed by a business

© Mark E. Damon - All Rights Reserved $500 What is a liability? Scores

© Mark E. Damon - All Rights Reserved $100 These are the accounts affected, and how, when supplies are purchased with cash

© Mark E. Damon - All Rights Reserved $100 What is supplies increase and cash decreases? Scores

© Mark E. Damon - All Rights Reserved $300 These are the accounts affected, and how, when cash is paid for rent

© Mark E. Damon - All Rights Reserved $300 What is a decrease to cash, decrease to the capital account (owner’s equity) Scores

© Mark E. Damon - All Rights Reserved $500 These are the accounts affected, and how, when supplies are purchased on account from Robo, Inc.

© Mark E. Damon - All Rights Reserved $500 What is increase to supplies, increase to Accounts Payable – Robo, Inc. Scores

© Mark E. Damon - All Rights Reserved $100 These are the accounts affected, and how, when (pre-paid) insurance is purchased with cash

© Mark E. Damon - All Rights Reserved $100 What is insurance increases, cash decreases? Scores

© Mark E. Damon - All Rights Reserved $300 These are the accounts affected, and how, when cash is received from sales

© Mark E. Damon - All Rights Reserved $300 What is increase in cash, increase in the capital account (owner’s equity) Scores

© Mark E. Damon - All Rights Reserved $500 These are the accounts affected, and how, when cash is received on account from Miller & Sons

© Mark E. Damon - All Rights Reserved $500 What is increase in cash, decrease in Accounts Receivable – Miller & Sons Scores

© Mark E. Damon - All Rights Reserved Vocab + Transaction challenge Scores Final Jeopary Question

© Mark E. Damon - All Rights Reserved 1. Identify the 3 forms of business ownership 2. Define ethics 3. Share which accounts are affected and how when: - Cash is paid on account to EZ Co.

© Mark E. Damon - All Rights Reserved What is: 1. Sole Proprietorship, Partnership, Corporation 2. Principles of right and wrong (that guide decision making) 3. Cash decreases; Accounts Payable – EZ Co. decreases Scores