Jeopardy!!

Jeopardy!!

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Presentation Transcript

1. Powerpoint JeopardyBy Chuck Martucci, Rockville High School-Can be integrated on a smartboard-Includes Jeopardy sound clip-For more information, contactcharles.martucci@vernonct.org

2. Jeopardy!!

3. Jeopardy!

4. Answer: This principle requires the matching of revenues earned during an accounting period with the expenses incurred to produce the revenues. Click Here

5. Answer: This account carries the same number as the related asset account but with a “.1” suffix Click Here

6. Answer: The difference between the asset account and its related accumulated depreciation account. The value reflected by the accounting records. Click Here

7. Answer: A depreciation method in which the depreciable cost is divided by the estimated useful life. Click Here

8. True or False: The income statement reports earnings on a specific date. Click Here

9. Answer: Matching the cost of an asset with the revenue it is expected to produce. Click Here

11. True or False: The owner’s equity account in the last two columns on the work sheet is an up-to-date account and includes net income and withdrawals of the current period. Click Here

13. True or False: The matching concept offers the best measure of net income. Click Here

14. True or False: The historical cost principle allows for assets to be recorded at actual cost. Click Here

15. True or False: A contra-asset is used with a related account to bring about an increase in the net amount of the two account balances. Click Here

16. Answer: The second pair of columns on a 10-column work sheet prepared at the end of the period would be : Click Here

17. Solve: If the book value of an asset is \$12,300 and the accumulated depreciation is \$2,700 the original cost of the asset would be…. Click Here

18. Answer: The fourth pair of columns on a 10-column work sheet prepared at the end of the period would be: Click Here

20. DAILY DOUBLE! Solve: Owner’s equity at the start of the period is \$38,000; net income for the period is \$40,000; investments by the owner is \$15,000; and withdrawals by the owner is \$20,000. The owner’s equity at the end of the period is… Click Here