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Jeopardy!! PowerPoint Presentation

Jeopardy!!

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Jeopardy!!

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  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

  10. Answer: Prepare the Trial Balance Prepare the Adjustments Prepare the Adj. Trial Bal. Extend Adjusted Balances 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

  12. Answer: This is what the income statement reports. 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

  19. Answer: The adjusting entry for the depreciation expense of office equipment for 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

  21. Answer: When posting an adjusting entry to the general ledger, write.. Click Here

  22. True or False: A contra-asset has a debit balance. Click Here

  23. DAILY DOUBLE! Answer: Herb Powell Click Here

  24. Answer: A computer workstation cost $28,000 has an expected life of 5 years and an expected salvage value of $3,000. Depreciation expense using the straight-line method will be per year. Click Here

  25. Solve: An asset cost $33,000. It has an expected useful life of 5 years and an expected salvage value of $3,000. Depreciation expense for the first year of the asset’s life using the straight-line method is.. Click Here

  26. Answer: Adjusting Entries affect these accounts: Click Here

  27. Answer: Column 7’s Balance is larger than Column 8’s Column 10’s Balance is larger than Column 9’s Click Here