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©Round
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- AllRound
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1
2
Final
Jeopardy
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Trans. 2
Vocab 2
Equation
Trans. 1
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$100
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Vocab 1
Round 2
Final
Jeopardy
Scores
$300 $300
$300
$300 $300
$500 $500
$500
$500 $500
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$100
This is anything of value that is
owned.
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$100
What is an asset?
Scores
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$300
This is the planning, recording,
analyzing, and interpreting of
financial information
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$300
What is accounting?
Scores
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$500
This is a business owned by just
one person
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$500
What is a (sole) proprietorship?
Scores
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$100
This is the name given to an
account
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$100
What is an account title?
Scores
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© Mark E. Damon - All Rights Reserved
$300
This is the amount remaining
after the value of all liabilities is
subtracted from the value of all
assets
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$300
What is owner’s equity?
Scores
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$500
This is a business activity that
changes assets, liabilities, or
owner’s equity
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$500
What is a transaction?
Scores
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$100
This is the accounting equation
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$100
What is:
Assets = Liabilities+ Owner’s
Equity?
Scores
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$300
This must happen after every
transaction regarding the
accounting equation
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$300
What is remain in balance
(equal)?
Scores
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$500
This is an amount owed by a
business
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$500
What is a liability?
Scores
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$100
These are the accounts affected,
and how, when supplies are
purchased with cash
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$100
What is supplies increase and
cash decreases?
Scores
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$300
These are the accounts affected,
and how, when cash is paid for
rent
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$300
What is a decrease to cash,
decrease to the capital account
(owner’s equity)
Scores
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$500
These are the accounts affected,
and how, when supplies are
purchased on account from
Robo, Inc.
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$500
What is increase to supplies,
increase to Accounts Payable –
Robo, Inc.
Scores
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$100
These are the accounts affected,
and how, when (pre-paid)
insurance is purchased with cash
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$100
What is insurance increases,
cash decreases?
Scores
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$300
These are the accounts affected,
and how, when cash is received
from sales
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$300
What is increase in cash,
increase in the capital account
(owner’s equity)
Scores
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$500
These are the accounts affected,
and how, when cash is received
on account from Miller & Sons
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$500
What is increase in cash,
decrease in Accounts Receivable
– Miller & Sons
Scores
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Vocab + Transaction challenge
Scores
Final
Jeopary
Question
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1. Identify the 3 forms of
business ownership
2. Define ethics
3. Share which accounts are
affected and how when:
- Cash is paid on account to
EZ Co.
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What is:
1. Sole Proprietorship, Partnership, Corporation
2. Principles of right and wrong (that guide decision making)
3. Cash decreases; Accounts Payable – EZ Co. decreases
Scores