Accounting Jeopardy… - PowerPoint PPT Presentation

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  1. Accounting Jeopardy…

  2. Today’s Categories… • Cash • Merchandising Organizations • Accounting Terminology • Financial Ratios • The Balance Sheet • Which Statement?

  3. Cash MdsingOrgs ActgTerms FinancialRatios BalanceSheet WhichStatem’t? $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500

  4. Cash - $100 A small box containing a small amount of cash, and used for disbursements too small to be worth the normal cash disbursements paperwork. What is Petty Cash? Back to Board

  5. Cash - $200 A credit to cash indicates the cash balance has done this. What is a Decrease in the cash balance? Back to Board

  6. Cash - $300 When you pay an expense, you record this half of an entry to the cash account. What is “Credit”? Back to Board

  7. Cash - $400 The bank issues this type of memo to notify you that they have reduced your checking account balance. What is a Debit Memo? Back to Board

  8. Cash - $500 The name of the account used to write-off small cash account errors, when those errors are too small and immaterial to be worth the time needed to investigate them. What is “Cash Short and Over”? Back to Board

  9. Merchandising - $100 This balance sheet account holds the value of purchased merchandise (and its incoming freight) until the goods are sold. What is the Inventory account? Back to Board

  10. Merchandising $200 When merchandise is sold on terms of Net 30, you debit this account for the amount charged to the customer. What is “Accounts Receivable”? Back to Board

  11. Merchandising $300 When merchandise is sold, you debit this account for the cost of the products which went out the door with the customer. What is “Cost of Goods Sold”? Back to Board

  12. Merchandising $400 When you sell merchandise, you credit this account for the amount charged the customer. What is Revenue? Back to Board

  13. Merchandising $500 When a company sells merchandise, it credits this account for the cost of the goods that went out the door with the customer. What is the Inventory account? Back to Board

  14. Terminology $100 A reduction in assets, caused by the normal operation of the business, is usually this. What is an Expense? Back to Board

  15. Terminology $200 Alpha Corp. loans money to Zulu Co.; Zulu gives Alpha this document, which can then be freely traded on the secondary market. What is a Marketable Security (or Debt Security)? Back to Board

  16. Terminology $300 DAILY DOUBLE!!!

  17. Terminology $400 The most liquid asset of all. What is Cash? Back to Board

  18. Terminology $500 One of the three methods of Accelerated Depreciation mentioned in class. What is Sum-of-Years-Digits, OR Double-Declining Balance, OR MACRS? Back to Board

  19. Ratios - $100 Net Income divided by Number of Shares Outstanding. What is Earnings per Share (or EPS)? Back to Board

  20. Ratios - $200 Current Assets divided by Current Liabilities What is the Current Ratio? Back to Board

  21. Ratios - $300 Cost of Goods Sold divided by Inventory. What is Inventory Turnover? Back to Board

  22. Ratios - $400 Sales divided by Accounts Receivable. What is A/R Turnover? Back to Board

  23. Ratios - $500 This ratio is 365 divided by A/R Turnover. What is Average Days to Collect? Back to Board

  24. Balance Sheet - $100 Prepaid Rent appears under this major section of the Balance Sheet. What is the “Asset” section? Back to Board

  25. Balance Sheet - $200 Allowance for Bad Debt appears under this major section of the Balance Sheet. What are “Assets”? Back to Board

  26. Balance Sheet $300 Warranty Obligations appears under this major section of the Balance Sheet. What is the “Liabilities” section of the Balance Sheet? Back to Board

  27. Balance Sheet - $400 Unearned Revenue appears under this major section of the Balance Sheet. What is the “Liability” section of the Balance Sheet? Back to Board

  28. Balance Sheet - $500 Unrealized Gain on Available for Sale Securities is reported under this major section of the Balance Sheet. What is the “Equity” section of the Balance Sheet? Back to Board

  29. Which Statement $100 Gross Margin appears on this statement. What is the Income Statement? Back to Board

  30. Which Statement $200 Gain on Disposal of Equipment appears on this statement. What is the Income Statement? Back to Board

  31. Which Statement $300 Accumulated Depreciation appears on this statement. What is the Balance Sheet? Back to Board

  32. Which Statement $400 Unrealized Gain on Trading Securities appears on this statement. What is the Income Statement? Back to Board

  33. Which Statement $500 Wages Payable to Employees appears on this statement. What is the Balance Sheet? Back to Board

  34. Daily Double • Specify Your Wager!

  35. Terminology --- When a company sells on credit, it uses this account to set aside an amount in expectation that some or all of the receivable will eventually become uncollectible.

  36. Terminology --- When a company sells on credit, it uses this account to set aside an amount in expectation that some or all of the receivable will eventually become uncollectible. What is “Allowance for Bad Debt”. Back to Board