Accounting

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Accounting Jeopardy
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Topic 1
Topic 2
Topic 3
Topic 4
Topic 5
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3
A ___ business operates to earn money for its
owners.
Topic 1 for 1
Question
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4
Topic 1 for 1
Answer for-profit business
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5
A(n) ___ is prepared to prove the equality of
debits and credits in the general ledger.
Topic 1 for 2
Question
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6
Topic 1 for 2
Answer Trial Balance
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7
The owners investment in the business is
represented by the ___ account.
Topic 1 for 3
Question
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8
Topic 1 for 3
Answer capital
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9
The debts of a business are called its ___.
Topic 1 for 4
Question
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10
Topic 1 for 4
Answer liabilities
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11
An economic event that causes a change in assets,
liabilities, or owners equity is ___.
Topic 1 for 5
Question
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12
Topic 1 for 5
Answer business transaction
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13
Paying a creditors account is a debit to ___.
Topic 2 for 1
Question
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14
Topic 2 for 1
Answer Accounts Payable
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15
If an owner invests a computer in the business,
what account is credited?
Topic 2 for 2
Question
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16
Topic 2 for 2
Answer Capital
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17
The account(s) debited to close the expense,
cost, and contra revenue accounts is(are) ___.
Topic 2 for 3
Question
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18
Topic 2 for 3
Answer Income Summary
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19
The account debited to close the Income Summary
with a net income is ___.
Topic 2 for 4
Question
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20
Topic 2 for 4
Answer Income Summary
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21
What account is charged for merchandise purchased
for resale?
Topic 2 for 5
Question
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22
Topic 2 for 5
Answer Purchases
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23
The accounts that appear on the post-closing
trial balance are called ___.
Topic 3 for 1
Question
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24
Topic 3 for 1
Answer permanent accounts
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25
What are the journal entries that update general
ledger accounts at the end of the fiscal period?
Topic 3 for 2
Question
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26
Topic 3 for 2
Answer adjusting entries
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27
On the income statement, the difference between
the net sales and the cost of merchandise sold is
___.
Topic 3 for 3
Question
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28
Topic 3 for 3
Answer gross profit on sales
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29
If the Retained Earnings balance on Jan. 1 is
27000 and a net loss is 13000, what is the
Retained Earnings balance on Dec. 31?
Topic 3 for 4
Question
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30
Topic 3 for 4
Answer 14000
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31
On which financial statement will you find
Transportation In?
Topic 3 for 5
Question
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32
Topic 3 for 5
Answer Income Statement
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33
An amount subtracted from an employees gross
earnings is called ___.
Topic 4 for 1
Question
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34
Topic 4 for 1
Answer deduction
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35
Taxes paid by the employer to provide funds for
workers temporarily out of work are ___.
Topic 4 for 2
Question
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36
Topic 4 for 2
Answer unemployment taxes
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37
What is the form summarizing information about
employees earnings for the pay period?
Topic 4 for 3
Question
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38
Topic 4 for 3
Answer payroll register
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39
An example of a voluntary deduction from gross
earnings is ___.
Topic 4 for 4
Question
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40
Topic 4 for 4
Answer insurance premiums, bonds, union dues,
charities
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41
The net pay for the fiscal period is journalized
with what entry?
Topic 4 for 5
Question
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42
Topic 4 for 5
Answer salary expense entry
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43
An adjusting entry needs to be made for what
method of accounting for uncollectible accounts?
Topic 5 for 1
Question
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44
Topic 5 for 1
Answer allowance method
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45
An example of a plant asset is ___.
Topic 5 for 2
Question
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46
Topic 5 for 2
Answer building, equipment
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47
Topic 5 for 3
Question A _______ is a distribution of
cash to stockholders in a publicly held
corporation
Check Your Answer
48
Topic 5 for 3
Answer dividend
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49
A ________________ is a corporation whose stock
is widely held, has a large, market, and is
usually traded on the New York Stock exchange or
the American Stock Exchange
Topic 5 for 4
Question
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50
Topic 5 for 4
Answer publicly held corporation
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51
The ownership of a corporation is represented by
the ___ account.
Topic 5 for 5
Question
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52
Topic 5 for 5
Answer Capital Stock
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