Powerpoint Jeopardy
By Chuck Martucci, Rockville High School
-Can be integrated on a smartboard
-Includes Jeopardy sound clip
-For more information, contact charles.martucci@vernonct.org
Jeopardy!!
Jeopardy!
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Answer:
This principle requires the matching of revenues earned during an accounting period with the expenses incurred to produce the revenues.
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Answer:
This account carries the same number as the related asset account but with a “.1” suffix
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Answer:
The difference between the asset account and its related accumulated depreciation account. The value reflected by the accounting records.
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Answer:
A depreciation method in which the depreciable cost is divided by the estimated useful life.
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True or False:
The income statement reports earnings on a specific date.
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Answer:
Matching the cost of an asset with the revenue it is expected to produce.
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Answer:
Prepare the Trial Balance
Prepare the Adjustments
Prepare the Adj. Trial Bal.
Extend Adjusted Balances
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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.
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Answer:
This is what the income statement reports.
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True or False:
The matching concept offers the best measure of net income.
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True or False:
The historical cost principle allows for assets to be recorded at actual cost.
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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.
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Answer:
The second pair of columns on a 10column work sheet prepared at the end of the period would be :
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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….
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Answer:
The fourth pair of columns on a 10column work sheet prepared at the end of the period would be:
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Answer:
The adjusting entry for the depreciation expense of office equipment for the period would be:
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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…
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Answer:
When posting an adjusting entry to the general ledger, write..
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True or False:
A contra-asset has a debit balance.
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DAILY DOUBLE!
Answer:
Herb Powell
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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.
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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..
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Answer:
Adjusting Entries affect these accounts:
Answer:
Column 7’s Balance is larger than Column 8’s
Column 10’s Balance is larger than Column 9’s
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