BAF-Accounting Jeopardy

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This is

Accounting

J

E O P

A

R D Y

Categories

Mind the

GAAP

1-2-3

Accounting

What is accounting?

Oh

Canada!

Source

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FINAL JEOPARDY

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Mind the GAAP - $200

Formal regulations and common practices that accountants follow.

Answer

What are Generally Accepted Accounting

Principles?

Mind the GAAP - $400

Each expense item must be recorded in the same time period as the revenue it helped to earn.

Answer

What is the Matching Principle?

Mind the GAAP

The accounting for a business should be fair and reasonable.

Answer

What is the Principle of Conservatism?

Mind the GAAP - $800

The accounting for a business organization must be kept separate from the personal affairs of its owner.

Answer

What is the Business Entity Concept?

Mind the GAAP - $1000

A business will continue to operate unless it is known that it will not.

Answer

What is the Continuing Concern Concept?

1-2-3 Accounting - $200

A decrease in equity resulting from the owner’s personal withdrawals.

Answer

What are drawings?

1-2-3 Accounting - $400

A page specially designed to record changes in each individual item affecting the financial position.

Answer

What is an account?

1-2-3 Accounting - $600

The recurring set of accounting procedures carried out during each fiscal period.

Answer

What is the accounting cycle?

1-2-3 Accounting - $800

A business that buys goods and resells them at a higher price for a profit.

Answer

What is a Merchandising business?

1-2-3 Accounting - $1000

The journal is known as this type of book because each balance entry is recorded there first.

Answer

What is the book of original entry?

What is accounting?

$200

The system of dealing with financial information that provides information for decision making.

Answer

What is Accounting?

What is accounting?

$400

A = L + OE

Answer

What is the fundamental accounting equation?

What is accounting?

$600

Gathering information about the daily goings on of the business.

Answer

What is the first activity in accounting?

What is accounting?

$800

The examination and testing of the books, records, and procedures of a business.

Answer

What is auditing?

What is accounting?

$1000

Selling the assets of a company for cash.

Answer

What is liquidation?

CANADA - $200

Canada’s most-read news magazine.

Answer

What is

Maclean’s?

CANADA - $400

The Canadian stock exchange that lists the most companies.

Answer

What is the Toronto Stock Exchange?

CANADA

What vegetable do Canadians eat the most:

Broccoli, carrots, lettuce, or potatoes

Answer

Potatoes

CANADA - $800

Who is Canada’s second largest trading partner: Great Britain, Japan, or Mexico

Answer

Japan

CANADA - $1000

This Canadian company is the world’s largest producer of frozen french fries.

Answer

Who is McCain Foods Ltd.?

Source documents - $200

A financial event that causes a change in financial position.

Answer

What is a business transaction?

Source documents - $400

The journal entry that starts the account book off.

Answer

What is the opening entry?

Source documents - $600

This person does no accounting for provincial retail sales tax.

Answer

Who is the purchaser?

Source documents - $800

A bank document informing the business of a decrease made in the business’s bank account.

Answer

What is a bank debit advice?

Source documents - $1000

A source document that debits the bank and credits an accounts receivable.

Answer

What is a cash receipt?

FINAL JEOPARDY

Bank

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What are pin totals and pencil footings.

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