© Mark E. Damon - All Rights Reserved
© Mark E. Damon - All Rights Reserved
Round 1
Round 2
$3900
p
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Final
Jeopardy
$9600
D
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$3600
y
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© Mark E. Damon - All Rights Reserved
What’s
going
on?
Potpourri
$100 $100
$100
$100 $100
$100
Final
Jeopardy
$200 $200
$200
$200 $200
$200
Scores
$300 $300
$300
$300 $300
$300
$400 $400
$400
$400 $400
$400
$500 $500
$500
$500 $500
$500
Act 1
The
Drawals
Trans
Mr. Mr.
Round 2
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$100
Planning, recording, analyzing
and interpreting financial
information.
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$100
What is accounting?
Scores
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$200
A record summarizing all the
information pertaining to a single
item in the accounting equation.
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$200
What is an account?
Scores
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$300
The amount in an account.
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$300
What is an account balance?
Scores
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$400
The name given to an account.
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$400
What is an account title?
Scores
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$500
Organized summaries of a
business’s financial activities.
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$500
What are accounting records?
Scores
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$100
Paid cash on account to Lee's
Supplies.
What accounts are effected and
do they increase or decrease?
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$100
What are cash decreases and
accounts payable-Lee’s Supply
decreases?
Scores
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$200
Received cash from sales.
What accounts are effected and
do they increase or decrease?
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$200
What are cash increases and
capital increases?
Scores
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$300
Sold services on account to
Jones Computers.
What accounts are effected and
do they increase or decrease?
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$300
What are capital increases and
accounts receivable-Jones
Computers increases?
Scores
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$400
Paid cash for supplies.
What accounts are effected and
do they increase or decrease?
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$400
What are cash decreases and
supplies increases?
Scores
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$500
Paid cash for rent.
What accounts are effected and
do they increase or decrease?
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$500
What are cash decreases and
capital decreases?
Scores
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$100
A business owned by one person.
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$100
What is a proprietorship or a sole
proprietorship?
Scores
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$200
A business that performs an
activity for a fee.
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What is a service business?
Scores
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$300
The principles of right and wrong
that guide an individual in making
decisions.
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$300
What is ethics?
Scores
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$400
The use of ethics in making
business decisions.
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$400
What are business ethics?
Scores
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$500
Financial rights to the assets of a
business.
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$500
What are equities?
Scores
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$100
Assets taken out of a business
for the owner’s personal use.
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$100
What are withdrawals?
Scores
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$200
Withdrawals are ______________
taken out of a business for the
owner’s personal use.
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What are assets?
Scores
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$300
The most common type of
withdrawal by an owner from a
business is the withdrawal of
this.
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$300
What is cash?
Scores
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$400
When an owner withdrawals cash
from the business, the
transaction affects these two
parts of the accounting equation.
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$400
What are assets and owner’s
equity?
Scores
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$500
True or False
A withdrawal is an expense.
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$500
What is false?
Scores
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$100
This is the basic accounting
equation.
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$100
What is:
Assets-Liabilities=Owner’s Equity
Or
Assets=Liabilities+Owner’s Equity
Scores
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$200
After each transaction, this
must remain in balance.
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$200
What is the accounting equation?
Scores
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$300
When two asset accounts are
changed in a transaction, what
must happen to each of the
accounts.
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What is one must increase and
the other must decrease?
Scores
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$400
When items are bought and paid
for at a future date, another way
to state this is to say these items
are bought on this.
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$400
What is on account?
Scores
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$500
A transaction for the sale of goods or
services results in a(n) ____________
in owner’s equity.
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$500
What is an increase?
Scores
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$100
This is room that I teach in.
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$100
What is room 105?
Scores
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$200
This is where I live.
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$200
What is Oxford?
Scores
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$300
This is how old my son is.
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$300
What is five?
Scores
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$400
This is my co-worker who helps me
run the store during 4th hour.
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$400
What is Mrs. Trombley?
Scores
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$500
This is where my wife is from.
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$500
What is Canada?
Scores
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Equate
this
Hodgepo
dge
Actions
School
Trivia
Round 1
$200 $200
$200
$200 $200
$200
Final
Jeopardy
$400 $400
$400
$400 $400
$400
Scores
$600 $600
$600
$600 $600
$600
$800 $800
$800
$800 $800
$800
ACT 2
Trans
$1000 $1000 $1000 $1000 $1000 $1000
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$200
A business activity that changes
assets, liabilities or owner’s
equity.
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$200
What is a transaction?
Scores
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$400
A sale for which cash will be
received at a later date.
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$400
What is a sale on account?
Scores
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$600
An increase in owner’s equity
resulting from the operation of a
business.
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$600
What is revenue?
Scores
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$800
Financial reports that summarize
the financial conditions and
operations of a business.
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$800
What are financial statements?
Scores
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$1000
A planned process for providing
financial information that will be
useful to management.
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$1000
What is an accounting system?
Scores
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$200
A decrease in owner’s equity
resulting from the operation of a
business is this.
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$200
What is an expense?
Scores
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$400
Payments for advertising,
equipment repairs, utilities and
rent are _______________
transactions.
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$400
What are expense?
Scores
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$600
Received cash from owner as an
investment.
What accounts are effected and
do they increase or decrease?
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$600
What are cash increases and
capital increases?
Scores
© Mark E. Damon - All Rights Reserved
$800
Paid cash for insurance.
What accounts are effected and
do they increase or decrease?
© Mark E. Damon - All Rights Reserved
$800
What are cash decreases and
prepaid insurance increases?
Scores
© Mark E. Damon - All Rights Reserved
$1000
Bought supplies on account from
Lee's Supplies.
What accounts are effected and
do they increase or decrease?
© Mark E. Damon - All Rights Reserved
$1000
What are supplies increase and
accounts payable-Lee’s Supply
increases?
Scores
© Mark E. Damon - All Rights Reserved
$200
An equation showing the
relationship among assets,
liabilities and owner’s equity.
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$200
What is the accounting equation?
Scores
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$400
Anything of value that is owned.
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$400
What are assets?
Scores
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$600
The account used to summarize
the owner’s equity in the
business.
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$600
What is capital?
Scores
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$800
An amount owed by a business.
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$800
What is a liability?
Scores
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$1000
The amount remaining after the
value of all liabilities is
subtracted from the value of all
assets.
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$1000
What is owner’s equity?
Scores
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$200
True or False.
Detailed information about
changes in owner’s equity is
needed by owners and managers
to make sound business
decisions.
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$200
What is true?
Scores
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$400
The capital account is the
_______ ____________ account.
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$400
What is the owner’s equity?
Scores
© Mark E. Damon - All Rights Reserved
© Mark E. Damon - All Rights Reserved
$600
An expense is a ______________
in owner’s equity resulting from
the operation of a business.
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$600
What is decrease?
Scores
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$800
Total _______ _________ is the
amount the owners has invested
in the business.
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$800
What is owner’s equity?
Scores
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$1000
When financial records for a
business and for its owner’s
personal belongings are not mixed,
this an application of the
________ ______________________
accounting concept.
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$1000
What is business entity?
Scores
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$200
Paid cash to owner for personal
use.
What accounts are effected and
do they increase or decrease?
© Mark E. Damon - All Rights Reserved
$200
What are cash decreases and
capital decreases?
Scores
© Mark E. Damon - All Rights Reserved
$400
Paid cash for telephone bill.
What accounts are effected and
do they increase or decrease?
© Mark E. Damon - All Rights Reserved
$400
What are cash decreases and
capital decreases?
Scores
© Mark E. Damon - All Rights Reserved
$600
Received cash on account from
Jones Computers.
What accounts are effected and
do they increase or decrease?
© Mark E. Damon - All Rights Reserved
$600
What are cash increases and
accounts receivable-Jones
Computer decreases?
Scores
© Mark E. Damon - All Rights Reserved
$800
Paid cash for advertising.
What accounts are effected and
do they increase or decrease?
© Mark E. Damon - All Rights Reserved
$800
What are cash decreases and
capital decreases?
Scores
© Mark E. Damon - All Rights Reserved
$1000
Paid cash for one month of
insurance.
What accounts are effected and
do they increase or decrease?
© Mark E. Damon - All Rights Reserved
$1000
What are cash decreases and
prepaid insurance increases?
Scores
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$200
This is the school’s address
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$200
What is 1250 N. Oak Rd.?
Scores
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$400
These are five current fall sports
at Davison.
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$400
What are football, cheerleading,
boy’s soccer, volleyball, cross
country, girl’s golf, and boy’s
tennis?
Scores
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$600
These two people are the
assistant principals of the high
school?
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$600
What are Mr. Piger and Mrs. Hall?
Scores
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$800
This is the date of Davison’s
Homecoming game.
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$800
What is September 30?
Scores
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$1000
This is the year that the Cardinal
Shop first opened.
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$1000
What is 1973?
Scores
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Accounting Rules
Scores
Final
Jeopardy
Question
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These are two of the five GAAP
rules that we have talk about in
chapter 1.
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What are:
•
•
•
•
•
Business entity
Accounting period
Going concern
Monetary unit
Revenue recognition
Scores