Accounting Jeopardy Century 21 Accounting Chapter 6 by Mrs. Saylor

Accounting Jeopardy Century 21 Accounting Chapter 6 by Mrs. Saylor

This Accounting Jeopardy game is focused on Chapter 6 of Century 21 Accounting and is hosted by Mrs. Saylor. The categories include

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Slide1Accounting Jeopardy Century  21  Accounting Chapter  6 by  Mrs.  Saylor Accounting  Jeopardy Century  21  Accounting Chapter  6 by  Mrs.  Saylor

Slide2Accounting JeopardyAccounting Concepts General & Adjustments Work Sheet Correcting Errors 100 100 100 100 200 200 200 200 300 300 300 300 400 400 400 400 500 500 500 500

Slide3CreditsCentury 21 Accounting That’s all folks. Exit

Slide4Accounting Concepts  $100 Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept.

Slide5Accounting Concepts  $100What is True?

Slide6Accounting Concepts  $200 The accounting concept Consistent Reporting is being applied when a word processing service business reports revenue per page one year and revenue per hour the next year.

Slide7Accounting Concepts $200 What is False?  The reporting needs to be the same for every year. Use revenue per page every year.

Slide8Accounting Concepts  $300 Following the same accounting procedures in the same way in each accounting period is an application of the accounting concept _____ _____.

Slide9Accounting Concepts $300What is  Consistent Reporting  ?

Slide10Accounting Concepts $400 Reporting changes in financial information for a specific period of time in the form of financial statements is an application of the accounting concept _____ _____   _____.

Slide11Accounting Concepts $400 What is  Accounting Period Cycle ?

Slide12Accounting Concepts $500 Recording Revenue from business activities and expenses associated with earning that revenue in the same accounting period is an application of the accounting concept _____ _____    _____    _____.

Slide13Accounting Concepts $500What is    Matching Expenses With Revenue?

Slide14General & Adjustments $100  Many businesses choose a one-year fiscal period that ends during a period of high business activity.

Slide15General & Adjustments $100 What is False?  Choose a fiscal period that ends during a period of  LOW  business activity.

Slide16General & Adjustments $200  The balance of the supplies account plus the value of the supplies on hand equals the up-to-date balance of the supplies account.

Slide17General & Adjustments $200  What is   False ?  The balance of the supplies account  less  the value of the supplies  used up  equals the up-to-date balance of the supplies account.

Slide18General & Adjustments $300  The value of the prepaid insurance coverage used during a fiscal period is an expense.

Slide19General & Adjustments $300  What is  True ?  The account is Insurance Expense.

Slide20General & Adjustments $400  Financial information may be reported any time a business needs it.

Slide21General & Adjustments $400  What is  True ?

Slide22General & Adjustments $500  The two accounts affected by the adjustment for insurance are Prepaid Insurance Expense and Insurance.

Slide23General & Adjustments $500  What is  False ?  The two accounts affected by the adjustment for insurance are Prepaid Insurance  and Insurance Expense .

Slide24Work Sheets $100  When the Income Statement Credit column total is greater than the Income Statement Debit column total on a work sheet, the business has a net income.

Slide25Work Sheets  $100  What is  True ?

Slide26Work Sheets  $200  If an amount is written in an incorrect column on a work sheet, the error should be erased and the amount should be written in the correct column.

Slide27Work Sheets  $200 What is  True ?

Slide28Work Sheets  $300  On a work sheet, the balance of the owner’s capital account is extended to the _____ _____   _____ column.

Slide29Work Sheets  $300 What is  Balance Sheet Credit ?

Slide30Work Sheets  $400  A net loss is entered in the work sheet’s _____ _____ Credit and _____ _____ Debit columns.

Slide31Work Sheets  $400 What is  Income Statement Credit & Balance Sheet  Debit

Slide32Work Sheets    $500  On a work sheet, the balance of an expense account is extended to the _____   _____ _____ column.

Slide33Work Sheets  $500  What is  Income Statement Debit   ?

Slide34Correcting Errors     $100  If the Trial Balance columns are not equal and the difference is $50.00, the error most likely is a $25.00 amount written in the wrong column.

Slide35Correcting Errors $100 What is  True ?

Slide36Correcting Errors $200  If the Trial Balance columns are not equal and the difference is 1, the error most often is in _____.

Slide37Correcting Errors $200  What is  Addition ?

Slide38Correcting Errors $300  If the difference between the totals of Debit and Credit columns on a work sheet can be evenly divided by 9, then the error is most likely in addition.

Slide39Correcting Errors $300  What is  False ?  The error is a number transposed ($54.00 instead of $45.00) or a number slide ($100 instead of $1,000).

Slide40Correcting Errors $400  If there are errors in the work sheet’s Trial Balance columns, it might be because not all general ledger account balances were copied in the Trial Balance columns correctly.

Slide41Correcting Errors $400  What is  True ?

Slide42Correcting Errors $500  If a pair of work sheet columns do not balance and the difference between the totals is an amount that appears elsewhere on the work sheet, the error is probably an amount that has not been _____.

Slide43Correcting Errors   $500  What is  Extended ?