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Final Jeopardy
Normal
Balances
Account
Transaction Source
ClassiEffects Documents
fication
Journal
Entries
Skills &
Ethics
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What is an example of an account that has
a normal credit balance?
a. Advertising Expense
b. Accounts Receivable/Davis Company
c. Delivery Revenue
d. Samuel Johnson, Drawing}
C
What is an example of an account
that has a normal debit balance?
a. Accounts Receivable/Oakdale
School
b. Accounts Payable/Jones Supply
c. Mary Johnson, Capital
d. Sales
A
What is an example of an account
that has a normal debit balance?
a. Accounts Payable/Adam's Office
Supply
b. Advertising Expense
c. Mary Johnson, Capital
d. Sales
B
What is an example of an account that
has a normal debit balance?
a. Mary Johnson, Capital
b. Accounts Payable/Ray's Office
Equipment
c. Rent Expense
d. Sales
C
What is an example of an account that
has a normal credit balance?
a. Cash
b. Joan Brown, Drawing
c. Supplies
d. Tyler Jackson, Capital
D
Cash, Office Equipment, and Prepaid
Insurance are all classified as:
a. assets.
b. liabilities.
c. owner's equity.
d. revenue.
A
Rent, the telephone bill, and advertising
costs are all classified as:
a. assets.
b. expenses.
c. liabilities.
d. revenue.
B
Sales is classified as:
a. assets.
b. expenses.
c. liabilities.
d. revenue.
D
Mariah Smith, Capital and Mariah
Smith, Drawing are both classified as:
a. owner's equity
b. expenses.
c. liabilities.
d. revenue.
A
Mariah Smith, Capital and Mariah
Smith, Drawing are both classified as:
a. owner's equity
b. expenses.
c. liabilities.
d. revenue.
C
What is the effect when $300 cash is paid to
Accounts Payable/Bob's Office Supply?
a. Assets decrease $300 and owner's equity
decreases $300.
b. Assets increase $300 and owner's equity
increases $300.
c. Assets increase $300 and liabilities
decreases $300.
d. Assets decrease $300 and liabilities
decrease $300
D
What is the effect when $200 cash is paid to
an advertising agency for advertisements
for the business?
a. Assets decrease $200 and owner's equity
decreases $200.
b. Assets increase $200 and owner's equity
increases $200.
c. Assets increase $200 and owner's equity
decreases $200.
d. Liabilities increase $200 and owner's
equity decreases $200
A
What is the effect on owner's equity
when a business receives $2000 cash
from sales?
a. Decreased by $2000
b. Increased by $2000
c. Decreased by $4,000
d. Increased by $4,000
B
What is the effect on assets when the
owner increases owner's equity by
investing $1,000 in the business?
a. Decreased by $1,000
b. Decreased by $2,000
c. Increased by $1,000
d. Increased by $2,000
C
What is the effect on assets when the
owner decreases owner's equity by
withdrawing $1,000 in the business?
a. Decreased by $1,000
b. Decreased by $2,000
c. Increased by $1,000
d. Increased by $2,000
A
In the transaction, BILLED ANDERSON
COMPANY FOR WORK COMPLETED,
the source document is a/an:
a. check stub.
b. invoice.
c. memorandum.
d. receipt
B
In the transaction, BOUGHT
SUPPLIES ON ACCOUNT FROM
DIXON SUPPLY CO., the source
document is a/an
a. check stub.
b. invoice.
c. memorandum.
d. receipt
B
In the transaction, RECEIVED CASH
FROM OWNER AS AN INVESTMENT,
the source document is a/an:
a. calculator tape.
b. check stub.
c. invoice.
d. receipt
D
In the transaction, PAID CASH TO
OWNER FOR PERSONAL USE, the
source document is a/an:
a. calculator tape.
b. check.
c. invoice.
d. receipt
B
In the transaction, RECEIVED CASH
FROM JONES SUPPLY COMPANY
ON ACCOUNT, the source document is
a/an:
a. calculator tape.
b. check stub.
c. invoice.
d. receipt
D
The transaction, PAID CASH FOR
MISCELLANEOUS EXPENSE, $400,
would result in which journal entry?
a. Debit Cash and credit Miscellaneous
Expense
b. Debit Cash and debit Miscellaneous
Expense
c. Debit Miscellaneous Expense and credit
Cash
d. Debit Supplies and credit Miscellaneous
Expense
C
The transaction, SOLD SERVICES ON
ACCOUNT TO BETH PARKER, would
result in which journal entry?
a. Debit Accounts Receivable/Beth Parker
and credit Cash
b. Debit Accounts Receivable/Beth Parker
and credit Sales
c. Debit Cash and credit Accounts
Receivable/Beth Parker
d. Debit Cash and credit Sales
B
The transaction, BOUGHT SUPPLIES ON
ACCOUNT FROM DAVIS SUPPLY STORE,
would result in which journal entry?
a. Debit Accounts Payable/Davis Supply Store
and credit Supplies
b. Debit Supplies and credit Accounts
Payable/Davis Supply Store
c. Debit Supplies and credit Supplies Expense
d. Debit Supplies Expense and credit Supplies
B
The transaction, RECEIVED CHECK
FROM PARKER, INC., IN PAYMENT ON
ITS ACCOUNT, would result in which
journal entry?
a. Debit Accounts Receivable/Parker INC.,
and credit Cash
b. Debit Cash and credit Accounts
Receivable/Parker, INC.
c. Debit Cash and credit Supplies
d. Debit Supplies and credit Cash
B
The transaction, RECEIVED CHECK
FROM FRANK HARPER, OWNER, AS AN
INVESTMENT, would result in which
journal entry?
a. Debit Cash and credit Frank Harper,
Capital
b. Debit Cash and credit Frank Harper,
Drawing
c. Debit Frank Harper, Capital and credit
Cash
d. Debit Frank Harper, Drawing and credit
Cash
A
Jason demonstrates accuracy and
truthfulness when he works with his
accounting clients. This is an example
of which key principle for ethics in
accounting?
a. Competence
b. Confidentiality
c. Independence
d. Integrity
D
John has applied for a position as Chief
Financial Officer for a Fortune 500
company. He listed as his qualifications that
he is a problem-solver and has the ability to
plan and resolve issues. This is classified as
which skill?
a. 21st Century Skills
b. Workplace Skills
c. Foundation Skills
d. Communication Skills
A
Jamie is an accountant. She knows that she
is expected to produce accurate financial
reports from her audit. She knows when she
submits her report to her superiors her
friend will suffer consequences for
misappropriation of funds. Jamie submits an
accurate report and follows which key
principle for ethics in accounting?
a. Competence
c. Confidentiality
b. Independence
d. Objectivity
D
Lisa is applying for a position in a small
insurance agency. The company is looking to
hire an individual that can convert their
manual accounting system to a computerized
system. She listed on her application that she
has an accounting degree as well as an
emphasis in computerized systems. This is
classified as which skill?
a. Basic Skills
c. Workplace Skills
b. Foundations Skills
d. Communication
C
Brian is an accountant in a local firm. He
submits an accounting report to his
manager that suggests an action that will
ultimately benefit him monetarily. This
example is a violation of which key
principle for ethics in accounting?
a. Competence
b. Confidentiality
c. Independence
d. Objectivity
C
Make your wager
Mary has applied for a position as an
accounting clerk for a local company. She
listed as her qualifications that she is a
problem-solver and needs little direction to
complete assigned tasks. This is classified
as which skill?
a. 21st Century Skills
b. Workplace Skills
c. Foundation Skills
d. Communication Skills
A