Accounting Jeopardy

1
Types of Businesses
Statement of Retained Earnings
Statement of Cash Flows
Income Statement
Balance Sheet
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100
100
100
100
200
200
200
200
200
300
300
300
300
300
400
400
400
400
400
500
500
500
500
500
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Types of Businesses - 100
A business with one owner who assumes unlimited
liability.
What is a Sole Proprietorship?
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3
Types of Businesses - 200
A business owned by two or more persons. Each
person often is personally liable for debts of
the business.
What is a Partnership?
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4
Types of Businesses - 300
A business that operates as separate from its
owners. Typically owners do not assume unlimited
liability.
What is a Corporation?
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5
Types of Businesses - 400
A business that has its shares bought and sold on
exchanges.
What is a Public Company?
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6
Types of Businesses - 500
A business in which ownership is transferred by
the private sale of shares.
What is a Private Company?
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7
Balance Sheet - 100
The basic accounting equation.
What is Assets Liabilities Shareholders
Equity?
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8
Balance Sheet - 200
The alternative title for a balance sheet.
What is the Statement of Financial Position?
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9
Balance Sheet - 300
The account that represents the companys total
earnings and losses less all dividends occurring
since the formation of the corporation.
What is Retained Earnings?
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10
Balance Sheet - 400
The order in which assets are listed on the
Balance Sheet.
What is Liquidity?
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11
Balance Sheet - 500
The name of the balance sheet account used when a
customer owes the business money.
What is Accounts Receivable?
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12
IS - 100
The main equation for the Income Statement.
What is Revenues Expenses Net Income?
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13
IS - 200
The format for the date used in the third line of
an Income Statements heading.
What is For the Period Ended Month XX, 20XX?
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14
IS - 300
DAILY DOUBLE!!!
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IS - 400
Formal label used to describe the costs of
running a business.
What is Expenses?
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16
IS - 500
Formal label used to indicate the profit of the
period.
What is Net Income?
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17
SRE - 100
The basic equation for the Statement of Retained
Earnings.
What is Beginning Retained Earnings Net Income
Dividends Declared Ending Retained Earnings?
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18
SRE - 200
The format for the date used in the third line of
the heading for the SRE.
What is For the Period Ended Month XX, 20XX?
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19
SRE - 300
The number used for Beginning Retained Earnings.
What is the balance in the Retained Earnings
account at the end of the previous period?
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20
SRE - 400
The number used for the Net Income amount in the
SRE equation.
What is Net Income (Loss) as calculated on the
Income Statement?
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21
SRE - 500
What it means to declare a dividend.
What is formally promising to pay some of a
companys resources to its owners?
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22
SCF - 100
OIF! The three categories used to classify
business activities on the SCF.
What are Operating, Investing, and Financing?
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23
SCF - 200
Cash inflows are shown as ____ numbers and cash
outflows are shown as ____ numbers.
What are positive and negative?
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24
SCF - 300
The subtotals of the three sections of the SCF
sum to form this number.
What is the Net Change in Cash?
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25
SCF - 400
The equation to determine the End-of-Year Cash
balance.
What is Beginning-of-Year Cash Net Change in
Cash End-of-Year Cash?
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26
SCF - 500
The manner in which negative amounts are report
in the financial statements.
What is in parentheses?
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27
Daily Double

• Specify Your Wager!

28
IS ---
The information conveyed by the lines in an
Income Statements heading.
What is Who (name of business), What (title of
the statement), When (accounting period), and
Other (unit of measure).
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